Lately, there has been a lot of talk about changing the federal minimum wage in America. I wanted to take a quick look at how it has changed, over time. The minimum wage was instituted in 1938, so I looked at it from it’s inception to 2012. I wanted to compare it to the size …Continue reading "How has the US minimum wage changed, in comparison to the GDP?"
History of Money As early as 12,000 BC, Anatolian obsidian was distributed as a raw material for stone-age tools. In the 9th millennium, organized trading appeared. Items like this could be considered the earliest instances of money. In 350 BC, Aristotle wrote: When the inhabitants of one country became more dependent on those of another, and …Continue reading "What is the gold standard and what is fiat money?"
I found myself curious to see what recent trends in inflation are within the United States. I used the consumer price index and producer price index as two indicators of inflation. The consumer price index (CPI) is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods …Continue reading "What is the historic CPI and PPI for the United States?"