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May 13, 2021 

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ADAM SMITH: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.

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MONOPSONY, MINIMUM WAGE: A minimum wage is a legally established floor on the wage rate that employers can pay their workers. Monopsony is a market structure dominated on the demand side by a single buyer. Contrary to standard analysis, imposing a minimum wage on monopsony market can actually increase employment.

     See also | compensating wage differentials | monopsony, factor market analysis | factor market, efficiency | monopsony, efficiency |


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MONOPSONY, MINIMUM WAGE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: May 13, 2021].


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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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Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either a T-shirt commemorating the first day of winter or software that won't crash your computer. Be on the lookout for celebrities who speak directly to you through your television.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"The tragedy of life is not so much what men suffer, but rather what they miss. "

-- Thomas Carlyle, Historian

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