As we learn more about Economics, we will realise that there are many schools of thought and different inclinations.
In the States, some have labelled the policies of Robert E. Rubin as "Rubinomics" - economics that focuses more on the role of corporations than on the people. On the other hand, one of the more textbook schools of thought is Keynesian economics which is slanted towards government intervention and public spending.
As we will see in the coming months (and years perhaps?), it will be crucial which angle Senator Obama's economic policies are inclined towards.
http://www.nytimes.com/2008/06/12/business/12econ.html?ref=business
Thursday, June 12, 2008
Price controls in China
This is another example of the consequences of price controls in real-life.
In this case, the US Treasury Secretary mentions "price caps" - which is textbooks is also known as "price ceilings" i.e. the price cannot be higher than this legally-imposed price.
China's Price Controls
In this case, the US Treasury Secretary mentions "price caps" - which is textbooks is also known as "price ceilings" i.e. the price cannot be higher than this legally-imposed price.
China's Price Controls
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