Mr. Trump, you are on the right path, but I don't think you have taken it far enough. If the nation loses $40 billion when we buy products from Canada, isn't it equally true that New York loses money when it buys products from Ohio? And isn't it true that I lose money when I buy
Trump: "We don't need their product. So if we cut off trade with that country, we just made $40 billion. You do a few countries like that, and we become a big money machine." 馃檭
Lots of great data in this presentation, but this is an important one for understanding the poverty of the past: the working class in England in the late 18th century spent almost 80% of their income on food and drink
In today鈥檚 lecture in my course on global economic history, I will begin by covering population and economic growth throughout economic history. For 99.99% of human history, higher income brought a larger population. That link broke only during the last 150 years or so. For
Let's count the reasons this is dumb:
1. You couldn't legally invest in gold in 1971
2. You can live in a house, but not in a gold vault
3. $25K invested in the S&P 500 in 1971 would be worth $8.5 million today