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What is Your Contribution to National Income?

The government uses a number of different economic measurements to determine the overall health of the economy. One of them is something known as national income. In basic terms, national income is the total amount of income earned by citizens and privately owned businesses for a specific period. The U.S. government typically measures national income annually.

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The Money Supply: Why We Shouldn’t Just Print Money

Anyone who has ever been caught printing counterfeit money knows how serious the Government is about preventing this sort of crime. Yet the average consumer does not seem to understand why it is unwise for the government to just print enough money to pay its bills. It comes down to something known as the money supply.

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Russia Learning That Keynesian Economics Don’t Work

Ever since British economist John Maynard Keynes introduced his economic theories in the 1930s, there has been an ongoing debate in the West as to whether or not those theories are legitimate. Those who believe Keynesian economics work site the success of Roosevelt’s post-World War II recovery plan that allegedly brought the U.S. out of recession. Those who disagree with Keynesian economics have plenty of their own examples they can cite. However, ask any citizen in Russia today what he/she thinks, and he/she is likely to tell you that Keynes’ ideas are hogwash.

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Labor Force Participation Rate More Important Than Unemployment

Politicians from both sides of the aisle frequently speak of the unemployment rate as an important economic indicator. And indeed it is. However, there is some amount of deception involved in reporting this rate. Whether the deception is purposeful or not is up to voters to decide. Regardless, it should be understood that the labor force participation rate is far more important than the unemployment rate.

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The Evolution of the Internal Revenue Service

We all know of the existence of the Internal Revenue Service (IRS) thanks to the tax returns we file every spring. Nevertheless, how much do you really know about the agency? Do you know when it was established and for what purpose? The IRS is an interesting entity with a long history and an intriguing evolution.

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Who Is John Maynard Keynes, and Why Is He so Important?

Where politics and economics meet, we often hear terms such as ‘Keynesian economics’, ‘Keynesian theory’, and the ‘Keynesian model’ bandied about. All of these terms are a reference to the late British economist John Maynard Keynes. Keynes’ ideas were considered revolutionary during his heyday as an economist, and they laid the foundation for the study of macroeconomics.

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The Dollar Is Not Your Daddy’s Hard Currency

The U.S. monetary system, as with most others, was built on the principle of hard currency. However, the definition of ‘hard currency’ has changed over the years. So much so, that today’s hard currency is not what your parents or grandparents understood in decades past.

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Junk Bond: How Risky Investment Built Las Vegas

Las Vegas was not always the investor-owned entertainment venue it is today. Prior to the 1970s, most of the valuable property in the city was built and maintained by organized crime. It was not until the 1970s, and creative investors such as Steve Wynn, that Sin City began saying goodbye to mobsters in favor of Wall Street investors.

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