When Charles Cobb and Paul Douglas published their 1928 paper “A Theory of Production” in the American Economic Review, they did something unusual for the time: they wrote down a single equation and tried to fit it to real data. Ninety-eight years later, that equation is still the first thing taught in every graduate macroeconomics course, still the functional form e...

The AD-AS model economic framework sits at the centre of modern macroeconomic analysis. It compresses the entire economy into two curves: aggregate demand, which captures how much output buyers want at each price level, and aggregate supply, which captures how much producers are willing to deliver. Where they intersect, the model pins down real GDP and the price level simulta...

The endogenous growth theory, the Romer framework transformed macroeconomics by explaining what the Solow-Swan model left unexplained: where technological progress actually comes from. Paul Romer’s 1990 paper “

The Ricardian model of trade is the oldest formal theory in international economics and still the sharpest. Published by

The Stolper-Samuelson theorem is one of the most politically consequential results in international economics. First published in 1941 by Wolfgang Stolper and Paul Samuelson, it established a precise link between changes in the price of traded goods and the real returns to factors of production. In simple terms, when a country opens to trade, the factor used intensively in th...