economics

When Money Buys Little – the Hyperinflation of the Weimar Republic

When Money Buys Little – the Hyperinflation of the Weimar Republic

Mid November 1923, the Hyperinflation of the Weimar Republic reached its peak. Due to Germany’s obligation to pay large reparations after World War I, a hyperinflation was induced reaching its peak in November 1923, when the American dollar was worth 4,210,500,000,000 German marks. World War I – Increasing the Amount of Money Shortly after the beginning of the First World War on August 4, 1914, the German Reich government abolished the Reichsbank’s legal…
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Antoine Cournot and the Mathematical Theory of Economics

Antoine Cournot and the Mathematical Theory of Economics

On August 28, 1801, French philosopher and mathematician Antoine-Augustin Cournot was born. He is considered being the first economist who applied mathematics to the treatment of economic questions. In 1838, he published Recherches sur les principes mathématiques de la théorie des richesses (Researches into the Mathematical Principles of the Theory of Wealth) which was a treatment of mathematical economics. “So far we have studies how, for each commodity by itself, the law…
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Vilfredo Pareto and the Law of the Vital Few

Vilfredo Pareto and the Law of the Vital Few

On July 15, 1848, Italian engineer, sociologist, economist, political scientist and philosopher Vilfredo Federico Damaso Pareto was born. He made several important contributions to economics, particularly in the study of income distribution and in the analysis of individuals’ choices. The Pareto principle was named after him and built on observations of his such as that 80% of the land in Italy was owned by 20% of the population. “The assertion that men…
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The German Reinheitsgebot and the Secrets of Brewing Beer

The German Reinheitsgebot and the Secrets of Brewing Beer

On April 23, 1516, in the city of Ingolstadt in the duchy of Bavaria, Duke Wilhelm IV. and Duke Ludwig X of Bavaria publish a new law that contains regulations about the price and the ingredients of beer. These Regulations later are called the ‘Reinheitsgebot‘ ( German Beer Purity Law), which states that the only ingredients that could be used in the production of beer are water, barley and hops. Augsburg, Nuremberg,…
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The Rise and Fall of the British East India Company

The Rise and Fall of the British East India Company

On December 31, 1600, the British East India Company (EIC) received a Royal Charter from Queen Elizabeth making it the oldest among several similarly formed European East India Companies pursuing trade with the East Indies. “The East India Company established a monopoly over the production of opium, shortly after taking over Bengal.” – Robert Trout [10] The Foundation of the British East India Company Already 12 years before, the Spanish Armada was defeated…
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Andrew Carnegie – Steel Tycoon and Philanthropist

Andrew Carnegie – Steel Tycoon and Philanthropist

On November 25, 1835, Scottish-American industrialist and philanthropist Andrew Carnegie was born. He led the enormous expansion of the American steel industry in the late 19th century and was also one of the highest profile philanthropists of his era. “Surplus wealth is a sacred trust which its possessor is bound to administer in his lifetime for the good of the community.” — Andrew Carnegie, he Best Fields for Philanthropy, 1889 Early Life and Emigration…
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Alexis de Tocqueville and the Democracy in America

Alexis de Tocqueville and the Democracy in America

On July 29, 1805, French political thinker and historian Alexis de Tocqueville was born. He is best known for his Democracy in America, where he analyzed the rising living standards and social conditions of individuals and their relationship to the market and state in Western societies. Today, it is considered an early work of sociology and political science. “The best laws cannot make a constitution work in spite of morals; morals can…
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Nicole Oresme – Polymath of the Late Middle Ages

Nicole Oresme – Polymath of the Late Middle Ages

On July 11, 1382, significant philosopher of the later Middle Ages Nicole Oresme passed away. As for many historic people of the middle ages, his actual birthdate is unknown and can only be fixed to a period between 1325 and 1330. Nicole Oresme besides William of Ockham [7] or Jean Buridan — a French priest who sowed the seeds of the Copernican revolution in Europe [6] — is considered as one of the most…
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Adam Smith and the Wealth of Nations

Adam Smith and the Wealth of Nations

On June 16, 1723 (June 5 according to the old Julian calendar), Scottish moral philosopher and a pioneer of political economy Adam Smith was born. He is one of the key figures of the Scottish Enlightenment and is best 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) “Among civilized and thriving nations, on the contrary,…
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John Maynard Keynes and his General Theory of Employment

John Maynard Keynes and his General Theory of Employment

On June 5, 1883, British economist John Maynard Keynes, 1st Baron of Keynes, was born. His work and his ideas have fundamentally affected the theory and practice of modern macroeconomics, and informed the economic policies of governments. He is one of the founders of modern macroeconomics and is widely considered the most influential economist of the 20th century. “But this long run is a misleading guide to current affairs. In the long…
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