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Economists use supply and demand analysis to examine most issues that affect the economy. For example, the supply & demand framework is used to examine minimum wage laws and rent controls.
Price controls are legal restrictions on the prices charged in the market for a product or resource.
A price floor is the minimum price that can be legally charged in a market. The minimum wage is an example of a price floor.
A price ceiling is the maximum price that can be legally charged in a market. Rent controls for apartments are an example of a price ceiling.
Joseph Schumpeter's Business Cycles
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Business Cycles
The link above takes you to a pdf file of Joseph Schumpeter's book.
14 years ago
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