Edmund S. Phelps was awarded the 2006 Nobel Prize in economic science “for his analysis of intertemporal tradeoffs in macroeconomic policy.” He focused on two distinct areas of macroeconomics: the tradeoff between unemployment and inflation and capital accumulation and economic growth. In the early 1960s, many economists believed that the tradeoff between unemployment and inflation […]| Econlib
“ Innovation”: creativity; novelty; the process of devising a new idea or thing, or improving an existing idea or thing. Although the word carries a positive connotation in American culture, innovation, like all human activities, has costs as well as benefits. These costs and benefits have preoccupied economists, political philosophers, and artists for centuries. Nature […]| Econlib
An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise. An entrepreneur is an agent of change. Entrepreneurship is the process of discovering new ways of combining resources. When the market value generated by this new combination of resources is greater than the market value these resources can generate […]| Econlib
Stacey Dogan writes that antitrust regulators in the United States and Europe are right to investigate Big Tech-AI partnerships. Even if AI markets remain competitive today, history and economics show that the Big Tech companies will push to monopolize segments of the AI market if given the opportunity. The investigations serve as a deterrent against anticompetitive behavior and give the regulators access to the knowledge and information that will be necessary to detect anticompetitive patter...| ProMarket
Slop, Creative Destruction, and What's Next for the Internet| www.notboring.co
