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Economics

How much money is there in the world?

In 2017, the entire world produced about $127.8 trillion of wealth (GDP). 

Categories
Economics

What percent of economists support protectionist tariffs?

0% of economists expressed support for tariffs in a recent poll.

Categories
Economics Financial Sector

US Financial Crisis: Who Killed the Economy?

The cause of the US financial crisis is simple. It’s debt. This is a very simple and graphical evidence-based explanation of what caused the collapse.

Categories
Corporate Welfare Federal Reserve Financial Sector GDP

Financial Sector Costs Us More than Any Other Sector In Economy

The financial sector receives more of the average paycheck than any other sector of the economy.  Its share of the economy totals $2 trillion dollars. In 1985, the financial sector earned less than 16% of domestic corporate profits.  Today, it’s over 40%. In the 1960s, finance and insurance accounted for only 4% of GDP, whereas in 2007 […]

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Economics

Keynsian Creationism and Intelligently Design Economies

The mythology of effective Keynesian centralized economic planning is born of the same mother as the mythology of creationist intelligent design. Both of these fantasies arise as a result of the human mind’s inability to deal with complex systems.

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Economics

GDP and You!

Gross domestic product (GDP) is the value of all final goods and services produced within a country. The reason GDP matters is that it is directly correlated to a reduction in human suffering. Economic growth is the primary differentiating factor between a life lived in the US and a life lived in North Korea. Economic growth is the […]

Categories
Economics

Wealth Inequality in America

Infographics on the distribution of wealth in America, highlighting both the inequality and the difference between our perception of inequality and the actual numbers. The reality is often not what we think it is.

Categories
Economics GDP Government Spending

Get Society Rich Quick: The Ideal Level of Government Spending

It is commonly claimed that government spending is good for the economy, but the statistics show the opposite.  Most recent studies find a negative correlation between total government size and economic growth. Why is economic growth important?  Because wealthier societies are generally happier societies. No matter how good things get for us, we always want more. Human beings want […]

Categories
Debt Economics Federal Reserve Financial Sector

Housing Bubble Wastes $2 Trillion on 14 Million Empty Houses

Empty houses in the US = 14 million. Median Home Price = $160,000. Money Wasted on Building Unneeded Homes = $2 trillion. Why would Americans be so dumb as to build 14 million houses they didn’t need?  The two primary reasons we built too many houses are: The United States spends more than $100 billion annually to subsidize homeownership.  The mortgage […]

Categories
Corporate Welfare Economics Financial Sector GDP

Historical Examples Show Government Intervention Only Prolongs Economic Downturns

We’re taxing successful, competently run businesses to subsidize irresponsible, poorly run businesses. Until we realize this simple fact, the previous trend of increased productivity and standards of living will only be a memory.