Economics

 Brief Overview of Cycle Modelling

Like Marx, Keynes failed to formalise a complete theory of dynamic economic development or of its components, growth and business cycles. It is a testament to the magnitude of the problem that these two great economic and social thinkers were unable to formulate such a theory.

• ECONOMIST(1723–1790)
• Founder of Classical Economics
• Professor of Moral Philosophy, University of Glasgow,
• Author of The Theory of Moral Sentiments (1759),
• Author of An Inquiry Into the Nature and Causes of the Wealth of Nations (1776)

THE ISSUE

Although some insurance companies have started to base their rates on the number of years of driving experience rather than age, on average, it still costs young men more to insure their cars than young women or other age groups. A family that adds a teenage daughter to its insurance policy will pay about twice as much as before. If the same family adds a teenage son to the policy, the premiums may triple. Why do young men have to pay more for car insurance?

• English Philosopher and Radical Reformer
• Author of System of Logic (1843), Principles of Political Economy (1848), On Liberty (1859), Utilitarianism (1861), and The Subjection of Women (1869)
• Member of Parliament
• Godfather to the philosopher Bertrand Russell

Nations have values, and they set goals for themselves based on those values. The United States is no exception. Its goals are evident in the supreme law of the land—the Constitution—as well as in its government policies and in the actions of people like you. In this section, you’ll learn how the nation strives both to reach its economic goals and treat its citizens fairly.