Energy Secretary Rick Perry’s attempts to discuss basic economic theory on Thursday ended up with him being mocked on Twitter. “Here’s a little economics lesson: supply and demand. You put the supply ...

Economists develop economic models to explain consistently recurring relationships. Their models link one or more economic variables to other economic variables (see “Economic Models,” p. 8). For ...

Basic economic theory says a commodity’s price should increase if demand for it grows and supply shrinks. So why didn’t Bakersfield home prices rise last month? Maybe local real estate isn’t that ...