Gold, Money, and the Great Depression

Depression Bread Line

What caused the Great Depression? There’s no shortage of popular theories. Some say it was an inevitable consequence of capitalism. Others claim it was the big stock market crash of October 1929 that started it. Yet another hypothesis says that the 1930 Smoot-Hawley Tariff, highest in U.S. history, turned a recession into a depression. All these explanations are false. Economists […]

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Specializing Is Best

All wealth comes from production and exchange: making and trading goods and services. The two are closely related: the more you trade, the more you’re able to produce. How does that work? Through the magic of specialization. When you trade, you’re able to specialize in your comparative advantage, that is, what you can do relatively cheaply compared to everyone else. […]

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