What is ROM Economics?

ROM Economics is a resource for deciphering all the basic concepts, theories and key terms in economics and also helps clarify the latest economic news in order to make economics a subject people can appreciate.
economics dictionary
Dictionary of Economics
A dictionary full of definitions for every key term, theory and concept in economics.
says law
A Beginner’s Guide to Say’s Law
Say’s Law is a theory developed by the French economist Jean-Baptiste Say in 1803, and has become one of the main assumptions in classical economics.
Market Failures Explained
Market Failures Explained
A market failure is when the free market fails to allocate resources in the most efficient way. What that means is resources are being used to produce goods that could instead be used to produce something that is more beneficial to society.
Mixed Economy Explained
Mixed Economy Explained
A mixed economy is an economic system in which economic activity is directed by a mixture of private firms and the government.
Classical Unemployment Explained
Classical Unemployment Explained
Quick Definition: Classical unemployment is a type of unemployment caused by real wages being ...
Classical Unemployment Explained
Frictional Unemployment
Quick Definition: Frictional unemployment is the unemployment created with the movement between jobs in ...
A Beginner's Guide to the Big Mac Index
A Beginner's Guide to the Big Mac Index
What is the Big Mac Index? The Big Mac index was first used by ..
Premier League tickets – will prices ever stop rising?
Premier League tickets – will prices ever stop rising?
The price of watching football in the UK has been the topic of much ...
Should Economics be more mathematical?
Should Economics be more mathematical?
This old argument of Qualitative Economics versus Quantitative Economics has always been controversial (we ..
The Bretton Woods System and the Golden Age of Capitalism
The Bretton Woods System and the Golden Age of Capitalism
By 1943, it became increasingly clear that WW2 was going to end in success ...
Forgotten Violent Actors: Privateers
Forgotten Violent Actors: Privateers
Not nearly as famous as pirates, or as infamous as mercenaries, privateers have become ...
The First and Second Bank of the United States - A History of Central Banking
The First and Second Bank of the United States - A History of Central Banking
The Hamiltonian banks The United States’ Federal Reserve is undoubtedly one of the most ...
John Forbes Nash, Jr.
John Forbes Nash, Jr.
John Forbes Nash Jr. is an American mathematician and co-recipient of the 1994 Nobel ...
John Maynard Keynes
John Maynard Keynes (1883-1946)
John Maynard Keynes (1883-1946) was a British economist most famous for a set of ...
Milton Friedman (1912-2006)
Milton Friedman (1912-2006)
Milton Friedman (1912-2006) was an American economist, famous for his writings that formed the ...
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