economics

Bernard Mandeville and the Fable of the Bees

Bernard Mandeville and the Fable of the Bees

Bernard Mandeville’s – The Fable of Bees On November 15, 1670, Dutch philosopher, political economist and satirist Bernard Mandeville was born. He became famous for The Fable of the Bees, a satire that suggests many key principles of economic thought, including division of labor and the “invisible hand“, seventy years before these concepts were more thoroughly elucidated by Adam Smith. Not very much is known about the life of Bernard Mandeville. He probably grew…
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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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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. Brewing regulations…
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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. Prehistory Shortly after the beginning of the First World War on August 4, 1914, the German Reich government abolished the Reichsbank’s legal obligation to redeem gold notes. In addition, the…
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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. Vilfredo Pareto was well…
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The Yes Men Fix the World

The Yes Men Fix the World

The Yes Men and the Haliburton SurvivaBall – Photo via Yes Men @ SurvivaNet. Jacques Servin and Igor Vamos form the culture jamming duo The Yes Men. Through their actions, they try to raise awareness about problematic social issues, in their sense. In order to do this, The Yes Men impersonate people of high economical or political influence to expose lies and injustices. They maintain fake websites to raise attention, which results in…
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