How has the US minimum wage changed, in comparison to the GDP?

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 …

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What is the gold standard and what is fiat money?

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 …

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How long have we had a national debt?

I recently listened to a rather interesting  episode of the NPR podcast, Planet Money.  Through a Freedom of Information Act request, NPR received a report from 2000 entitled Life After Debt.  At the time, it was estimated that with the current budgetary surpluses, the US federal government would have the national deficit paid off in the year …

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