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BROOKINGS INSTITUTION: An independent, nonpartisan organization devoted to research, analysis, education, and publication focused on public policy issues in the areas of economics, foreign policy, and governance. The Brookings Institution takes its name from Somers Brookings (1850-1932) who in 1922 and 1924 founded the Institute of Economics and a graduate school bearing his name. These two institutions and the Institute for Government Research (IGR), which was the first private organization devoted to analyzing public policy issues at the national level, merged in 1927 to create the Brookings Institution. The Brookings Institution is a non-profit organization located in Washington, D.C.

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Lesson 2: Economic Science | Unit 2: Theory Page: 7 of 20

Topic: Economic Theories <=PAGE BACK | PAGE NEXT=>

Three common economic theories:
  • Markets theory: It helps us understand how and why prices change, shortages and surpluses occur, and markets are monopolized.
  • Aggregate Markets theory: It uses principles and concepts developed in the theory of markets, but adapts them to the study macroeconomic things like inflation, unemployment, national production, and business cycles.
  • Keynesian theory: Named after it's creator John Maynard Keynes, it was developed to explain high rates of unemployment and other economic conditions that existed during the Great Depression of the 1930s.

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SCIENTIFIC METHOD

A structured way of investigating and explaining the operation of the world by testing and verifying hypothesized relations. The scientific method is a process of discovery, a method of explaining the way the world operates. Positive economics is the application of the scientific method to economic analysis.

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APLS

RED AGGRESSERINE
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Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for mail order catalogs with hidden messages.
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A half gallon milk jug holds about $50 in pennies.
"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. "

-- Napoleon Hill, author

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