Portal:Economics

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Introduction

Three-sector circular flow of income diagram

Economics (/ˌɛkəˈnɒmɪks, ˌiːkə-/) is a social science that studies the production, distribution, and consumption of goods and services.

Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyses what is viewed as basic elements within economies, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and investment expenditure interact; and the factors of production affecting them, such as: labour, capital, land, and enterprise, inflation, economic growth, and public policies that impact these elements. It also seeks to analyse and describe the global economy. (Full article...)

Selected general articles

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  Polanyi, c. 1918

  
  Karl Paul Polanyi (/poʊˈlænji/; Hungarian: Polányi Károly [ˈpolaːɲi ˈkaːroj]; 25 October 1886 – 23 April 1964) was an Austro-Hungarian economic historian, economic sociologist, and politician, best known for his book The Great Transformation, which questions the conceptual validity of self-regulating markets.
  
  In his writings, Polanyi advances the concept of the Double Movement, which refers to the dialectical process of marketization and push for social protection against that marketization. He argues that market-based societies in modern Europe were not inevitable but historically contingent. Polanyi is remembered best as the originator of substantivism, a cultural version of economics, which emphasizes the way economies are embedded in society and culture. This opinion is counter to mainstream economics but is popular in anthropology, economic history, economic sociology and political science. (Full article...)
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  Keynesian economics (/ˈkeɪnziən/ KAYN-zee-ən; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomic theories and models of how aggregate demand (total spending in the economy) strongly influences economic output and inflation. In the Keynesian view, aggregate demand does not necessarily equal the productive capacity of the economy. It is influenced by a host of factors that sometimes behave erratically and impact production, employment, and inflation.
  
  Keynesian economists generally argue that aggregate demand is volatile and unstable and that, consequently, a market economy often experiences inefficient macroeconomic outcomes, including recessions when demand is too low and inflation when demand is too high. Further, they argue that these economic fluctuations can be mitigated by economic policy responses coordinated between a government and their central bank. In particular, fiscal policy actions taken by the government and monetary policy actions taken by the central bank, can help stabilize economic output, inflation, and unemployment over the business cycle. Keynesian economists generally advocate a regulated market economy – predominantly private sector, but with an active role for government intervention during recessions and depressions. (Full article...)
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  Friedman in 1986

  
  Milton Friedman (/ˈfriːdmən/ ^ⓘ; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. With George Stigler, Friedman was among the intellectual leaders of the Chicago school of economics, a neoclassical school of economic thought associated with the faculty at the University of Chicago that rejected Keynesianism in favor of monetarism before shifting their focus to new classical macroeconomics in the mid-1970s. Several students, young professors and academics who were recruited or mentored by Friedman at Chicago went on to become leading economists, including Nobel laureates Gary Becker (1992), Robert Fogel (1993), and Robert Lucas Jr. (1995).
  
  Friedman's challenges to what he called "naive Keynesian theory" began with his interpretation of consumption, which tracks how consumers spend. He introduced a theory which would later become part of mainstream economics and he was among the first to propagate the theory of consumption smoothing. During the 1960s, he became the main advocate opposing both Marxist and Keynesian government and economic policies, and described his approach (along with mainstream economics) as using "Keynesian language and apparatus" yet rejecting its initial conclusions. He theorized that there existed a natural rate of unemployment and argued that unemployment below this rate would cause inflation to accelerate. He argued that the Phillips curve was in the long run vertical at the "natural rate" and predicted what would come to be known as stagflation. Friedman promoted a macroeconomic viewpoint known as monetarism and argued that a steady, small expansion of the money supply was the preferred policy, as compared to rapid and unexpected changes. His ideas concerning monetary policy, taxation, privatization, and deregulation influenced government policies, especially during the 1980s. His monetary theory influenced the Federal Reserve's monetary policy in response to the 2008 financial crisis. (Full article...)
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  Game theory is the study of mathematical models of strategic interactions. It has applications in many fields of social science, and is used extensively in economics, logic, systems science and computer science. Initially, game theory addressed two-person zero-sum games, in which a participant's gains or losses are exactly balanced by the losses and gains of the other participant. In the 1950s, it was extended to the study of non zero-sum games, and was eventually applied to a wide range of behavioral relations. It is now an umbrella term for the science of rational decision making in humans, animals, and computers.
  
  Modern game theory began with the idea of mixed-strategy equilibria in two-person zero-sum games and its proof by John von Neumann. Von Neumann's original proof used the Brouwer fixed-point theorem on continuous mappings into compact convex sets, which became a standard method in game theory and mathematical economics. His paper was followed by Theory of Games and Economic Behavior (1944), co-written with Oskar Morgenstern, which considered cooperative games of several players. The second edition provided an axiomatic theory of expected utility, which allowed mathematical statisticians and economists to treat decision-making under uncertainty. (Full article...)
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  Economics classes make extensive use of supply and demand graphs like this one to teach about markets. In this graph, S and D refer to supply and demand and P and Q refer to the price and quantity.

  The following outline is provided as an overview of and topical guide to economics. Economics is a branch of science that analyzes the production, distribution, and consumption of goods and services. It aims to explain how economies work and how agents (people) respond to incentives.
  
  Economics is a behavioral science (a scientific discipline that focuses on the study of human behavior) as well as a social science (a scientific discipline that explores aspects of human society). (Full article...)
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  Econometrics is an application of statistical methods to economic data in order to give empirical content to economic relationships. More precisely, it is "the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference." An introductory economics textbook describes econometrics as allowing economists "to sift through mountains of data to extract simple relationships." Jan Tinbergen is one of the two founding fathers of econometrics. The other, Ragnar Frisch, also coined the term in the sense in which it is used today.
  
  A basic tool for econometrics is the multiple linear regression model. Econometric theory uses statistical theory and mathematical statistics to evaluate and develop econometric methods. Econometricians try to find estimators that have desirable statistical properties including unbiasedness, efficiency, and consistency. Applied econometrics uses theoretical econometrics and real-world data for assessing economic theories, developing econometric models, analysing economic history, and forecasting. (Full article...)
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  From an economic perspective, contract theory studies how economic actors can and do construct contractual arrangements, generally in the presence of information asymmetry. Because of its connections with both agency and incentives, contract theory is often categorized within a field known as law and economics. One prominent application of it is the design of optimal schemes of managerial compensation. In the field of economics, the first formal treatment of this topic was given by Kenneth Arrow in the 1960s. In 2016, Oliver Hart and Bengt R. Holmström both received the Nobel Memorial Prize in Economic Sciences for their work on contract theory, covering many topics from CEO pay to privatizations. Holmström focused more on the connection between incentives and risk, while Hart on the unpredictability of the future that creates holes in contracts.
  
  A standard practice in the microeconomics of contract theory is to represent the behaviour of a decision maker under certain numerical utility structures, and then apply an optimization algorithm to identify optimal decisions. Such a procedure has been used in the contract theory framework to several typical situations, labeled moral hazard, adverse selection and signalling. The spirit of these models lies in finding theoretical ways to motivate agents to take appropriate actions, even under an insurance contract. The main results achieved through this family of models involve: mathematical properties of the utility structure of the principal and the agent, relaxation of assumptions, and variations of the time structure of the contract relationship, among others. It is customary to model people as maximizers of some von Neumann–Morgenstern utility functions, as stated by expected utility theory. (Full article...)
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  New Institutional Economics (NIE) is an economic perspective that attempts to extend economics by focusing on the institutions (that is to say the social and legal norms and rules) that underlie economic activity and with analysis beyond earlier institutional economics and neoclassical economics.
  
  The NIE assume that individuals are rational and that they seek to maximize their preferences, but that they also have cognitive limitations, lack complete information and have difficulties monitoring and enforcing agreements. As a result, institutions form in large part as an effective way to deal with transaction costs. (Full article...)
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  Johann Heinrich von Thünen, age 57

  
  Johann Heinrich von Thünen (24 June 1783 – 22 September 1850), sometimes spelled Thuenen, was a prominent nineteenth-century economist and a native of Mecklenburg-Strelitz, now in northern Germany.
  
  Even though he never held a professorial position, Thünen had substantial influence on economics. He has been described as one of the founders of agricultural economics and economic geography. He made substantial contributions to economic debates on rent, land use, and wages. (Full article...)
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  World GDP per capita, 1400–2003

  
  Economic history is the study of history using methodological tools from economics or with a special attention to economic phenomena. Research is conducted using a combination of historical methods, statistical methods and the application of economic theory to historical situations and institutions. The field can encompass a wide variety of topics, including equality, finance, technology, labour, and business. It emphasizes historicizing the economy itself, analyzing it as a dynamic entity and attempting to provide insights into the way it is structured and conceived.
  
  Using both quantitative data and qualitative sources, economic historians emphasize understanding the historical context in which major economic events take place. They often focus on the institutional dynamics of systems of production, labor, and capital, as well as the economy's impact on society, culture, and language. Scholars of the discipline may approach their analysis from the perspective of different schools of economic thought, such as mainstream economics, Austrian economics, Marxian economics, the Chicago school of economics, and Keynesian economics. (Full article...)
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  Real business-cycle theory (RBC theory) is a class of new classical macroeconomics models in which business-cycle fluctuations are accounted for by real, in contrast to nominal, shocks. RBC theory sees business cycle fluctuations as the efficient response to exogenous changes in the real economic environment. That is, the level of national output necessarily maximizes expected utility.
  
  In RBC models, business cycles are described as "real" because they reflect optimal adjustments by economic agents rather than failures of markets to clear. As a result, RBC theory suggests that governments should concentrate on long-term structural change rather than intervention through discretionary fiscal or monetary policy. These ideas are strongly associated with freshwater economics within the neoclassical economics tradition, particularly the Chicago School of Economics. (Full article...)
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  The neoclassical synthesis (NCS), or neoclassical–Keynesian synthesis, is an academic movement and paradigm in economics that worked towards reconciling the macroeconomic thought of John Maynard Keynes in his book The General Theory of Employment, Interest and Money (1936) with neoclassical economics.
  
  The neoclassical synthesis is a macroeconomic theory that emerged in the mid-20th century, combining the ideas of neoclassical economics with Keynesian economics. The synthesis was an attempt to reconcile the apparent differences between the two schools of thought and create a more comprehensive theory of macroeconomics. (Full article...)
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  Leontief in 1973

  
  Wassily Wassilyevich Leontief (Russian: Васи́лий Васи́льевич Лео́нтьев; August 5, 1905 – February 5, 1999) was a Soviet-American economist known for his research on input–output analysis and how changes in one economic sector may affect other sectors.
  
  Leontief was awarded the Nobel Memorial Prize in Economic Sciences in 1973, and four of his doctoral students have also been awarded the prize (Paul Samuelson 1970, Robert Solow 1987, Vernon L. Smith 2002, Thomas Schelling 2005). (Full article...)
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  Gesell in 1895

  
  Johann Silvio Gesell (German: [ɡəˈzɛl]; 17 March 1862 – 11 March 1930) was a German-Argentine economist, entrepreneur, and social reformer. He was the founder of Freiwirtschaft (German for "free economy"), an economic model for market socialism. In 1900, he founded the magazine Money and Land Reform (German: Die Geld- und Bodenreform), but it soon closed for financial reasons. During his time in Oranienburg, Gesell started the magazine Der Physiokrat together with George Heinrich Blumenthal. In 1914, it closed due to censorship. In 1916, he published his most famous work, The Natural Economic Order.
  
  Gesell is mainly known for his monetary theory. In particular, he noted the asymmetry between the durability and hoardability of money and the finite shelf life of goods and services which depreciate due to entropy and the passage of time. He believed that people who are able to save or hoard money have an unfair economic advantage over people who are dependent on producing and selling decayable goods and services for their livelihoods. Gesell theorized that the unfair premium enjoyed by hoarders expressed itself in interest rates and spawned recessions, an argument that later influenced John Maynard Keynes's theory of liquidity preference. To resolve this problem, Gesell proposed a new form of money that depreciates over time (German: Freigeld). (Full article...)
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  Arrow in 1996

  
  Kenneth Joseph Arrow (August 23, 1921 – February 21, 2017) was an American economist, mathematician and political theorist. He received the John Bates Clark Medal in 1957, and the Nobel Memorial Prize in Economic Sciences in 1972, along with John Hicks.
  
  In economics, Arrow was a major figure in postwar neoclassical economic theory. Four of his students (Roger Myerson, Eric Maskin, John Harsanyi, and Michael Spence) went on to become Nobel laureates themselves. His contributions to social choice theory, notably his "impossibility theorem", and his work on general equilibrium analysis are significant. His work in many other areas of economics, including endogenous growth theory and the economics of information, was also foundational. (Full article...)
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  Kuznets in 1971

  
  Simon Smith Kuznets (/ˈkʌznɛts/ KUZ-nets; Russian: Семён Абра́мович Кузне́ц, IPA: [sʲɪˈmʲɵn ɐˈbraməvʲɪtɕ kʊzʲˈnʲets]; April 30, 1901 – July 8, 1985) was a Russian-born American economist and statistician who received the 1971 Nobel Memorial Prize in Economic Sciences "for his empirically founded interpretation of economic growth which has led to new and deepened insight into the economic and social structure and process of development."
  
  Kuznets made a decisive contribution to the transformation of economics into an empirical science and to the formation of quantitative economic history. Kuznets pioneered the concept of gross domestic product, which seeks to capture all economic production in a state by a single measure. (Full article...)
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  Posthumous Muir portrait, c. 1800

  
  Adam Smith (baptised 16 June [O.S. 5 June] 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the field of political economy and key figure during the Scottish Enlightenment. Seen by many as the "father of economics" or the "father of capitalism", he is primarily known for two classic works: The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter, often abbreviated as The Wealth of Nations, is regarded as his magnum opus, marking the inception of modern economic scholarship as a comprehensive system and an academic discipline. Smith refuses to explain the distribution of wealth and power in terms of divine will and instead appeals to natural, political, social, economic, legal, environmental and technological factors, as well as the interactions among them. The work is notable for its contribution to economic theory, particularly in its exposition of the concept of absolute advantage.
  
  Born in Kirkcaldy, Fife, he studied social philosophy at the University of Glasgow and at the University of Oxford, where he was one of the only students to benefit from scholarships set up by John Snell. Following his graduation, he delivered a successful series of public lectures at the University of Edinburgh, that met with acclaim. This led to a collaboration with David Hume during the Scottish Enlightenment. Smith obtained a professorship at Glasgow, where he taught moral philosophy. During this period, he wrote and published The Theory of Moral Sentiments. Subsequently, he assumed a tutoring position that facilitated travel throughout Europe, where he encountered intellectual figures of his era. (Full article...)
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  Walras in 1862 (age 27)

  
  Marie-Esprit-Léon Walras (French: [valʁas]; 16 December 1834 – 5 January 1910) was a French mathematical economist and Georgist. He formulated the marginal theory of value (independently of William Stanley Jevons and Carl Menger) and pioneered the development of general equilibrium theory. Walras is best known for his book Éléments d'économie politique pure, a work that has contributed greatly to the mathematization of economics through the concept of general equilibrium.
  
  For Walras, exchanges only take place after a Walrasian tâtonnement (French for "trial and error"), guided by the auctioneer, has made it possible to reach market equilibrium. It was the general equilibrium obtained from a single hypothesis, rarity, that led Joseph Schumpeter to consider him "the greatest of all economists". The notion of general equilibrium was very quickly adopted by major economists such as Vilfredo Pareto, Knut Wicksell and Gustav Cassel. John Hicks and Paul Samuelson used the Walrasian contribution in the elaboration of the neoclassical synthesis. For their part, Kenneth Arrow and Gérard Debreu, from the perspective of a logician and a mathematician, determined the conditions necessary for equilibrium. (Full article...)
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  Mathematical economics is the application of mathematical methods to represent theories and analyze problems in economics. Often, these applied methods are beyond simple geometry, and may include differential and integral calculus, difference and differential equations, matrix algebra, mathematical optimization, or other computational methods. Proponents of this approach claim that it allows the formulation of theoretical relationships with rigor, generality, and simplicity.
  
  Mathematics allows economists to form meaningful, testable propositions about wide-ranging and complex subjects which could less easily be expressed informally. Further, the language of mathematics allows economists to make specific, positive claims about controversial or contentious subjects that would be impossible without mathematics. Much of economic theory is currently presented in terms of mathematical economic models, a set of stylized and simplified mathematical relationships asserted to clarify assumptions and implications. (Full article...)
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  The Austrian school is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result primarily from the motivations and actions of individuals along with their self-interest. Austrian-school theorists hold that economic theory should be exclusively derived from basic principles of human action.
  
  The Austrian school originated in 1871 in Vienna with the work of Carl Menger, Eugen von Böhm-Bawerk, Friedrich von Wieser, and others. It was methodologically opposed to the Historical school, in a dispute known as Methodenstreit, or methodology quarrel. Current-day economists working in this tradition are located in many countries, but their work is still referred to as Austrian economics. Among the theoretical contributions of the early years of the Austrian school are the subjective theory of value, marginalism in price theory and the formulation of the economic calculation problem. (Full article...)
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  Complexity economics, or economic complexity, is the application of complexity science to the problems of economics. It relaxes several common assumptions in economics, including general equilibrium theory. While it does not reject the existence of an equilibrium, it features a non-equilibrium approach and sees such equilibria as a special case and as an emergent property resulting from complex interactions between economic agents. The complexity science approach has also been applied as the primary field in computational economics. (Full article...)
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  Alan Greenspan (born March 6, 1926) is an American economist who served as the 13th chairman of the Federal Reserve from 1987 to 2006. He worked as a private adviser and provided consulting for firms through his company, Greenspan Associates LLC.
  
  First nominated to the Federal Reserve by President Ronald Reagan in August 1987, Greenspan was reappointed at successive four-year intervals until retiring on January 31, 2006, after the second-longest tenure in the position, behind only William McChesney Martin. President George W. Bush appointed Ben Bernanke as his successor.
  Greenspan came to the Federal Reserve Board from a consulting career. Although he was subdued in his public appearances, favorable media coverage raised his profile to a point that several observers likened him to a "rock star". Democratic leaders of Congress criticized him for politicizing his office because of his support for Social Security privatization and tax cuts. (Full article...)
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  Becker in 2008

  
  Gary Stanley Becker (/ˈbɛkər/; December 2, 1930 – May 3, 2014) was an American economist who received the 1992 Nobel Memorial Prize in Economic Sciences. He was a professor of economics and sociology at the University of Chicago, and was a leader of the third generation of the Chicago school of economics.
  
  Becker was awarded the Nobel Memorial Prize in Economic Sciences in 1992 and received the United States Presidential Medal of Freedom in 2007. A 2011 survey of economics professors named Becker their favorite living economist over the age of 60, followed by Kenneth Arrow and Robert Solow. Economist Justin Wolfers called him "the most important social scientist in the past 50 years." (Full article...)
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  John Bates Clark (January 26, 1847 – March 21, 1938) was an American neoclassical economist. He was one of the pioneers of the marginalist revolution and opponent to the Institutionalist school of economics, and spent most of his career as a professor at Columbia University. He was one of the most prominent American economists of his time. (Full article...)
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  von Neumann in the 1940s

  
  John von Neumann (/vɒn ˈnɔɪmən/ von NOY-mən; Hungarian: Neumann János Lajos [ˈnɒjmɒn ˈjaːnoʃ ˈlɒjoʃ]; December 28, 1903 – February 8, 1957) was a Hungarian and American mathematician, physicist, computer scientist and engineer. Von Neumann had perhaps the widest coverage of any mathematician of his time, integrating pure and applied sciences and making major contributions to many fields, including mathematics, physics, economics, computing, and statistics. He was a pioneer in building the mathematical framework of quantum physics, in the development of functional analysis, and in game theory, introducing or codifying concepts including cellular automata, the universal constructor and the digital computer. His analysis of the structure of self-replication preceded the discovery of the structure of DNA.
  
  During World War II, von Neumann worked on the Manhattan Project. He developed the mathematical models behind the explosive lenses used in the implosion-type nuclear weapon. Before and after the war, he consulted for many organizations including the Office of Scientific Research and Development, the Army's Ballistic Research Laboratory, the Armed Forces Special Weapons Project and the Oak Ridge National Laboratory. At the peak of his influence in the 1950s, he chaired a number of Defense Department committees including the Strategic Missile Evaluation Committee and the ICBM Scientific Advisory Committee. He was also a member of the influential Atomic Energy Commission in charge of all atomic energy development in the country. He played a key role alongside Bernard Schriever and Trevor Gardner in the design and development of the United States' first ICBM programs. At that time he was considered the nation's foremost expert on nuclear weaponry and the leading defense scientist at the U.S. Department of Defense. (Full article...)

Did you know...

• ... that a banker was named the prime minister of Equatorial Guinea after his predecessor resigned during an economic crisis?
• ... that the Canadian journalist Bernard Descôteaux is credited with the economic revival of the independent newspaper Le Devoir?
• ... that when the COVID-19 pandemic began, Masyita Crystallin was instructed by the Indonesian finance minister to study the Spanish flu to help formulate unconventional economic policies?
• ... that Francois Massaquoi, who studied economics at New York University, later led the Lofa Defense Force during the First Liberian Civil War?
• ... that Abdelkader Lahmar was a high school economics teacher before being a candidate for the French Parliament?
• ... that Michael Kremer's O-ring theory of economic development was inspired by his forgetting to purchase toilet paper for a training session?

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Selected images

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  Pollution can be a simple example of market failure; if costs of production are not borne by producers but are by the environment, accident victims or others, then prices are distorted.
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  The Marxist critique of political economy comes from the work of German philosopher Karl Marx.
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  A basic illustration of a business cycle (from Economics)
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  The circulation of money in an economy in a macroeconomic model. In this model, the use of natural resources and the generation of waste, such as greenhouse gases, is not included. (from Economics)
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  John Maynard Keynes, a key economics theorist (from Economics)
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  An example production–possibility frontier with illustrative points marked (from Economics)
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  An environmental scientist sampling water
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  A 1638 painting of a French seaport during the heyday of mercantilism
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  The publication of Adam Smith's The Wealth of Nations in 1776 is considered to be the first formalisation of economic thought.
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  Economists study trade, production, and consumption decisions, including those that occur in a traditional marketplace
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  The supply and demand model describes how prices vary as a result of a balance between product availability and demand. The graph depicts an increase in demand from D₁ to D₂ and the resulting increase in price and quantity required to reach a new equilibrium point on the supply curve (S).
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  The U.S. unemployment rate from 1990 to 2022 (from Economics)
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  São Paulo Stock Exchange in Brazil, an electronic trading network that brings together buyers and sellers through an electronic trading platform
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  List of countries by gross domestic product (PPP) per capita in April 2022 (from Economics)
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  A map showing the main trade routes for goods within late medieval Europe (from Economics)

In the news

11 December 2025 –

Greek economic minister Kyriakos Pierrakakis is elected the new president of the Eurogroup, succeeding Paschal Donohoe. (Reuters)

11 December 2025 – 2025 Bulgarian budget protests

The Zhelyazkov Government resigns after weeks of massive protests against economic policies and alleged corruption. (The Guardian)

9 December 2025 – Pakistani economic crisis

The International Monetary Fund (IMF) approves the release of US$1.2 billion to Pakistan to assist with recovery from an economic crisis. The country has already received $3.3 billion from the IMF since last year. (AP)

8 December 2025 – Corruption in Cuba

Cuba's Supreme Court sentences former economy minister Alejandro Gil to life imprisonment for espionage and multiple economic-related offenses, and in a separate case imposes a 20-year term for bribery, influence peddling, and tax evasion. (AFP via CTV News)

6 December 2025 – International sanctions against Afghanistan

Australia imposes economic sanctions and travel bans on four Afghan government officials over their involvement in human rights violations, particularly the Taliban's treatment of women. (Reuters)

26 November 2025 – Economy of Ukraine, Russo-Ukrainian war

The International Monetary Fund announces a staff-level agreement with Ukraine on a proposed Extended Fund Facility worth more than US$8 billion, outlining fiscal and monetary policies intended to support macroeconomic stability, debt sustainability, and external financing amid the ongoing war with Russia. (AFP via CTV News)

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