An economy is a system of production and consumption activities that determine how resources are allocated among all of its participants. Learn how it works.

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The enduring strength of consumer spending, which powers two-thirds of America’s economic output, has been the main reason that the United States has evaded a recession through successive drubbings over five years: roaring inflation, a rapid run-up in interest rates and a barrage of tariffs.

Russian tycoon Oleg Deripaska is calling for 12-hour, six-day workweeks. The aluminum billionaire says longer work could help Russia speed through economic upheaval. He says Russia's edge is its ability to rally and work harder in a crisis. Russians should ...