economics

When Money Buys Little – the Hyperinflation of the Weimar Republic

When Money Buys Little – the Hyperinflation of the Weimar Republic

Money distribution area in Berlin, 1923Image by The German Federal Archive 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. As Germany got ready for the war in 1914, money was printed and was supposed to be financed…
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Alexis de Tocqueville and the Democracy in America

Alexis de Tocqueville and the Democracy in America

Alexis de Tocqueville(1805 – 1859) 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. Tocqueville started his political career around 1830. He defended…
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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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Nicole Oresme – Polymath of the Late Middle Ages

Nicole Oresme – Polymath of the Late Middle Ages

Portrait of Nicole Oresme: Miniature from Oresme’s Traité de l’espere, Bibliothèque Nationale, Paris, France, fonds français 565, fol. 1r. 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 or Jean Buridan — a French…
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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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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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