August 20th, 2015
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I remember when I came home for the summer after my first year in college. I went to visit one of my good friends from high school and her cousin from Germany was visiting. The cousin and I struck up a conversation, and she asked what I was studying in college. When I said “Economics,” […]
In The Economic History of the World in Three Lessons, I suggested that the world-changing effects of free market capitalism fully account for the high standards of living we enjoy today. Hence, the entire field of economics merely consists of subsets, subchapters and specifics (and challenges) related to this phenomenon. You may have asked yourself, […]
The birth of Capitalism and the leveling of the playing field As we learned in lessons 1 and 2, the Industrial Revolution produced a unique phenomenon in human history: that was pervasive, sustainable and rapid increases in standards of living, resulting from the creation of new wealth. You were probably taught that the Industrial […]
The Industrial Revolution and the Birth of Economics Lesson #1 established that even as late as the mid 1700s, the standard of living for the average family on the planet had not really changed for thousands and thousands of years. Before moving on to what has changed since then, let’s talk about why things were […]
There used to be a simpler time when there was no Internet, TV, jet airplanes, penicillin nor 401Ks. Imagine you lived in a world where little had changed for generations. Your life was the same as it had been for your parents, grandparents and ancestors for thousands of years. A world in which: