The Phillips Machine

Whilst at a Cambridge Summer School I had the opportunity to see the Phillips Machine in operation and was amazed at the engineering feat as well as its economic applications. The machine (also known as the┬áMonetary National Income Analogue Computer or Moniac) was created by the New Zealand economist William Phillips. There is believed to Read more about The Phillips Machine[…]

The Invisible Hand

Below is a quick video made by the Open University briefly explaining the Invisible Hand. The Invisible Hand is a term coined by the economist Adam Smith in his papers of the Wealth of Nations. He said that governments should adopt a laissez faire policy of leaving the economy to itself, he believed that the Read more about The Invisible Hand[…]