Learn about centrally planned economies, where governments make key economic decisions. Explore features, benefits, ...

Explore how the black economy operates, its legal and illegal activities, and how it affects society. Learn about its hidden costs, benefits, and role in global markets.

In the late 1980s, economists were offered a theoretical explanation for why markets can fail to move towards the socially optimal outcome, even in the long run 1. Building on the classic example of ...