College and work has soaked up my time lately. This entry is going to be a rather short one. After this, I will bring the three previous entries together and bring us to a specific area where I want to develop. Enjoy!
Money and Flow of Money
The final important and most basic principle we need to visit is the concept of money and the flow of money in the economy. Once that is set up we can finally start diving into the wonderful answers and reasoning behind scarcity. Before we g
Division of Labor
In order to answer the question of scarcity, we need to bring in a couple more basic ideas. The first of these shall be Division of Labor. Currently, Economic Historians are debating on whether or not Division of Labor came first or the usage of money. Both play a crucial role into how people answer scarcity and how the answers will be developed.
So what is Division of Labor? Division of Labor is the concentration of large numbers of workers within very large pro
Before I go into some material, please be aware that all laws have been challenged due to the Great Recession. The entire field of economics is now trying to fix the problems and figure out some problems in our formulas. In all my entries, I will try to make law into "law" in order to represent the current situation in the field of economics. Thank you and enjoy!
Law of Scarcity
The Law of Scarcity is the most basic and yet most crucial “law” in economic theory. This “law” is the basis f
Welcome to my humble little blog. Before I start actually going around and posting what I want to do with this blog, I figured I would come over and introduce myself. I'm Karl Peters and I am the Minister of Economics for R&R. I have been in and out of the game since '07, traveled many alliances, and held different positions from time to time. I have had this current nation for a year and a half, and been with the Ampersand for the entire time. Do I have any interesting stories? Of course, b