West Coast vs. East Coast Economy: Which Is Bigger?
West Coast vs. East Coast Economy: An Overview If California was a nation, it would be the world’s fifth-largest economy, edging out Great Britain.12 The state’s gross domestic product was…
Overheated Economy
What Is an Overheated Economy? An overheated economy is one that has experienced a prolonged period of good economic growth and activity that has led to high levels of inflation,…
What Are Some Examples of Free Market Economies?
What Is a Free Market Economy? Governments highly control some economies. In the most extreme planned, or command economies, the government controls all of the means of production and the…
Racial Bias in Medical Care Decision-Making Tools
Racial bias in medical care can show up in some unexpected places. For example: Consider the clinical decision tools that play an important role in how today’s patients are tested,…
3 Ways Robots Affect the Economy
Robots are increasingly being used in every industry and are here to stay, and robotics usage has both positive and negative impacts on business and employees. The following are a…
Is Industrialization Good for the Economy?
Industrialization is the process by which an economy moves from primarily agrarian production to mass-produced and technologically advanced goods and services. This phase is characterized by exponential leaps in productivity,…
First World
What Is the First World? «First world,» a term developed during the Cold War in the 1950s, originally referred to a country that was aligned with the United States and…
Disguised Unemployment
What Is Disguised Unemployment? Disguised unemployment exists when part of the labor force is either left without work or is working in a redundant manner such that worker productivity is…
‘Black Metropolis’: How It Helps Us Understand Urban America Today
What Is ‘Black Metropolis’? In 1945 two American sociologists—St. Clair Drake and Horace R. Cayton Jr.—published Black Metropolis: A Study of Negro Life in a Northern City. The book, based…
Self-Driving Cars Could Change the Auto Industry (GM, F)
Driverless cars have piqued human interest for centuries. Leonardo Da Vinci sketched out the plans for a hypothetical self-driving cart in the late 1400s, and mechanical autopilots for airplanes emerged…