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A vital branch of the social sciences, economics defines how people relate on many levels. It is primarily concerned with the distribuition of goods and services. As such it is vital in determining the affluence and even happiness of a people or society.

The concept of people trading among themselves and between nations is older than recorded history. Yet thinking about why it benefits all mankind and facilitates the distribution of goods and services is in many ways a modern science. Yet people were thinking about it as early as the 1550s as illustrated by a letter of introduction from Edward VI, given to a fleet of ships heading north and east in search of trading partners in unknown territories.

The first great theorist who could truly be said to be an economist was Adam Smith, who published the seminal, Wealth of Nations in 1776. In his book he spells out how money, trade, manufacture, transportation, capital, labor, government, and other factors all combine to create a system for goods and services. How each factor is is applied can make a tremendous difference in the efficiency of a system. Other noted economists who came later include Thomas Malthus whose Malthusian Economics earned for the discipline its reputation as a "dismal science".

More About Economics

Hyperinflation is inflation run amok. Some economists peg it at an amount above 50% per month. It is often described as any diminution of value in the money supply that radically harms the economic system.

Rule of 72 - explains the basic rule of thumb for calculating the time frame for doubling of an investment at various rates of interest.

Compound Interest - the ability to earn interest on interest.

Looking at buying a timeshare? First, find out what timeshares are all about, deeded vs right of use, fixed week vs rotating week. There is a lot to know.

Islamic Banking Practices are different than those commonly practiced in most European and Asian countries because of the prohibition on interest written in the Quran.

How Microscopes Work

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