Adam Smith is the Father of Modern Economics Fact
Adam Smith can be considered the father of modern economics due to his influential works which explore the mechanics of morality, markets, and capitalism in an industrialized society.
Economics
Economics is the social science that studies the production, distribution, trade, and consumption of goods and services. Economics uses a mix of psychology, mathematics, experiment, and analysis to predict and understand economies.
People With More Money Save More Fact
On average, those with more money save more, in both the short-term and long-term, while those with less money spend more and extend themselves on credit.
Velocity of Money Explained
Velocity of Money is a measure of money exchanged over time, typically how often and quickly the average dollar is exchanged per day.
The More You Do Something, the More You Value it Fact
The more time and energy you put into something, the more you value it. This Escalation of Commitment phenomenon (or commitment bias) relates to a number of other decision making biases.
Everything Depends on Frame of Reference Fact
Everything we perceive depends on our frame of reference. What we observe is relative to our point of view. In other words, “it is all a matter of perspective”.
State Universities Began Charging Tuition in the 60’s Fact
A series of social and legislative changes in the 60’s ended an era of tuition-free state universities in the US and started the current student loan crisis.
Money Can Buy Happiness Fact
Money can buy happiness in some ways, and cause unhappiness in others, studies have shown that different types of wealth and income affect happiness and unhappiness in a variety of ways.
U.S. Spends More on Military Than Any Country Fact
The US spends far more on its military than any other country (but not when compared to GDP). In 2015 America spent about $600 billion on U.S. defense spending.
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