There are Different Types of Value and Capital
There are different types of capital, value, commodities, and markets including natural, human, social, manufactured, and financial.
Economy
Economy refers to the production, distribution, trade, and consumption of goods and services.
Understanding Cronyism and Monopolies
We explain two types of special interests: cronyism (politicians working with corporate interests) and monopolies / oligopolies (the consolidating of corporate power in a given industry to one or few entities).
The Robber Barons Gave Most of Their Fortunes to Charity
Andrew Carnegie, John D. Rockefeller, and other Barons of Industry freely gave away most of their fortunes to charitable and philanthropic causes.
Alexander Hamilton Founded the Federalist Party
Alexander Hamilton founded the Federalist Party, the world’s first voter-based political party, which helped shape America’s economic policy and power structure.
What is “the Invisible Hand”?
“The invisible hand” is a term used by Adam Smith to describe the theory that self-interest leads to social and economic benefits in a free-market.
A Progressive Tax is More Fair Than a Flat Tax
A progressive tax (those who make more pay more) is generally “more fair” than a flat tax (everyone pays the same rate).
Wealth and Income Inequality
We explain economic inequality from a historical perspective, and then consider the effects of wealth inequality and income inequality in America today.
The United States of America is a Democracy
The United States is both a Republic and a Democracy. Specifically, the United States is a Constitutional FederalRepublic with a strong Democratic tradition and many democratic elements especially on a local level. Despite the democratic elements and traditions, the U.S. is not however a “Direct Democracy” (where people vote on laws directly*).
Adam Smith is the Father of Modern Economics
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.
People With More Money Save More
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.