economics

Adam Smith and the Wealth of Nations

Adam Smith and the Wealth of Nations

Adam Smith(1723 – 1790) 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) Adam Smith studied Latin,…
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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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Bill Gates – From Entrepreneur to Philantrop

Bill Gates – From Entrepreneur to Philantrop

Bill Gates © World Economic Forum On October 28, 1955 entrepreneur William Henry “Bill” Gates III, or simply Bill Gates, was born in Seattle, Washington. You might think of him whatever you like, but he has left his footstep in history with creating the incredibly successful operating system MS Windows or his office application programs MS Word, MS Powerpoint, or MS Excell. Bill Gates grew up in an upper middle-class family with…
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Black Thursday – The Wall Street Crash of 1929

Black Thursday – The Wall Street Crash of 1929

Street scene on Black Thursday, Oct. 24, 1929, the day the New York stock market crashed  © Bettmann/Corbis The Wall Street Crash of 1929, also known as the Great Crash and the Stock Market Crash of 1929, began in late October 1929 and was the most devastating stock market crash in the history of the United States. The crash signaled the beginning of the 10-year Great Depression that affected all Western industrialized…
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The Invention of Financial Politics by Jean-Baptiste Colbert

The Invention of Financial Politics by Jean-Baptiste Colbert

Jean-Baptiste Colbert (1619-1683)Portrait by Philippe de Champaigne, 1655 On August 29, 1619, Jean-Baptiste Colbert, who served as Minister of Finances under the rule of Louis XIV., was born. Colbert’s innovative financial politics was one of the basic pillars of French absolutism and was about to change the world into a modern economy. Jean-Baptiste Colbert basically did not have any other chance than going into finances. His father and grandfather were active as…
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Eureka! – California and the 1848 Gold Rush

Eureka! – California and the 1848 Gold Rush

Seeking gold in the California riverSource: Harper’s Weekly magazine On August 19, 1848, the the New York Herald, a major newspaper of the American East Coast printed the exciting news that gold has been found on the West Coast, which caused thousands of immigrants from all over the world to travel to California hoping to to find wealth and glory. The story began some months earlier, in January 1848. James Marshall constructed…
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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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