King Midas is the man who can turn anything he touches into gold. He has been used several times to illustrate a few basic principles about money(with the extra assumption being that during his time, gold=money. For this story, we can additionally ignore international trade just to make life easier). First, he was introduced to… Continue reading Wise King Midas:80% of Macroeconomics in One Story
Tag: Economics
Learning Economics as a Way to Curb Resentment
I think one of the most important reasons to learn economics is that if it is done properly, it can help you extend your empathy. Also knowledge of economics, specifically that other’s gain is not your loss, consistently helps me curb my natural feelings of resentment. I was standing in line to pay for my… Continue reading Learning Economics as a Way to Curb Resentment
King Midas and the True Nature of Money
I am going to tell you a famous story from Greek mythology that helps illuminate the truth of money. King Midas one day saved the son of Dionysus, one of the major gods[1]. In order to show his thanks to the King, Dionysus offered to grant Midas a single wish. Midas, being covetous by nature,… Continue reading King Midas and the True Nature of Money
Fun Trade Facts
The US gets only 8% of its oil from the Middle East (consume about 2/5s from our own production) The US imports only 2% of its steel from China. (consume 2/3rds from our own production) China only has a .7% trade "surplus" overall The EU has the world's highest trade surplus, and 8.4% unemployment Imports… Continue reading Fun Trade Facts
Of Money
It is often said that money is the root of all evil. Let us then try to imagine a world where it doesn’t exist. Right now, every day, you interact with millions upon millions of people that are just as unaware of you as you are of them. The simplest product you could possibly imagine… Continue reading Of Money
Homo Economicish 