A contraction is the phase of the business cycle when the economy declines, often with falling real GDP and rising unemployment, moving from peak toward trough (expansion, peak, contraction, trough).

Rational behavior refers to making choices that maximize personal benefit or utility, a core assumption in classical economics. While often framed in financial terms, rational decisions can also ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

What is an economic supercycle? An economic supercycle typically refers to a prolonged period of expansion, which can last as long as a few decades. Opinions vary among economists as to the exact ...

Behavioral Economics is the application of psychology to the field of economics. It describes the role that psychology plays among consumers, employers, and governments, which then impacts markets and ...

When reading the works of great Austrian economics thinkers such as Henry Hazlitt or Robert Murphy. A lot of their work is ...