Adam Smith, renowned as the “father of political economy,” had a life as intriguing as his intellectual legacy. Born in 1723 in Kirkcaldy, Scotland, Smith’s life almost took a dramatic turn at the age of four when he was kidnapped. Fortunately, his captors got cold feet and returned him unharmed, unknowingly preserving a future intellectual…
Wikis
A City’s Transformation: The Truth or Consequences Story
The unusual case of Truth or Consequences, New Mexico, illustrates a unique intersection of local initiative, economic opportunity, and popular culture. Originally known as Hot Springs, this small city, nestled along Interstate 25 in central New Mexico, is renowned for its natural hot springs and quaint lodges in a serene desert setting. Historical Decision: In…
Introduction to Economics
In this chapter, we introduce you to the essentials of economics. You’ll learn about important concepts like trade-offs, where you weigh costs against benefits, and scarcity, a key idea that explains why we can’t have everything we want. We cover important principles of economics that will help you understand how economic decisions are made. Each…