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Revision as of 12:15, 14 January 2009 by imported>Chris Day (new article of the week (this one has been in the wings for a while)
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A new wiki encyclopedia project—and more!

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"I was brought up to believe that the only thing worth doing was to add to the sum of accurate information in the world."
Margaret Mead

Article of the Week [ about ]

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Production Possibilities Frontier.

Microeconomics is the branch of economics that deals with transactions between suppliers and consumers, acting individually or in groups. It is conventionally defined as being concerned with the allocation of scarce resources among alternative uses, but it is really about such down-to-earth matters as the way consumers' and suppliers' decisions affect the prices and the output of goods and services. Its practical importance arises from the influence of those decisions upon people's wellbeing. Although it may seem to be about money-related matters, its scope is in fact much wider. It is about how all sorts of needs and preferences can be met by mutually advantageous transactions.

Microeconomics attempts to throw light upon real economic activity by first examining the behaviour of simpified representations or models of the relationships involved, and then considering the influence of departures from the assumptions adopted in those models.

[more...]

New Draft of the Week [ about ]

Dien Bien Phu is a valley and small town in North Vietnam, 260 miles northwest of Hanoi and the place of the decisive 1954 battle that soon forced France to relinquish control of colonial Indochina. In military shorthand, Dien Bien Phu has also become a synonym for an extremely unwise decision: the attempt to hold a seemingly strong defensive position, against which the enemy, cooperating with the defender's plans, will then destroy himself against the impregnable fortifications.[more...]