A tax wedge is the difference between before-tax and after-tax wages. It also refers to the market inefficiency that is created when a good is taxed.

Discover what administered prices are, their role in economies, examples from history, and how they impact supply, demand, and economic efficiency.

This paper argues that the generally shared interpretation of what can be labelled 'Smithian Newtonianism' is spurious on two counts. I suggest not only that Smith was not a Newtonian in the sense ...

Equilibrium price is a common economics term that refers to the exact price at which market supply equals market demand. Selling goods and services at the equilibrium price point leads to optimized ...

Many situations in economics are complicated and competitive. New research raises the question of whether many theories in economics may suffer from the very fundamental problem that the key ...