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4
votes
2answers
452 views

Is money capital?

The Oxford English Dictionary defines "capital" as n. economic goods (e.g. railways, ships, machinery, buildings) destined for use in production (as opposed to consumers' goods). Historically, the ...
7
votes
2answers
122 views

Predicted recessions that never happened

It seems generally accepted that recessions are hard to forecast, in both onset and intensity, but the bias seems to be toward rosy outlooks: The main finding is that, while forecasters are ...
14
votes
5answers
5k views

What was economics like as a field before Adam Smith, the father of *modern* economics?

Adam Smith is called the "father of modern economics" and his book The Weath of Nations, a fundamental work in the field of economics, is considered the first modern book on economics. In addition, ...
6
votes
3answers
154 views

What is Islamic Banking?

What is "Islamic banking," and how is it similar to and different from banking as it occurs in the U.S.? I have heard Shariah Law prohibits usury, the taking of interest on loans. How do Muslim ...
6
votes
3answers
180 views

How wealthy are modern day humans compared to preindustrial times?

I would like to see a quantitative wealth comparison between the average human in a hunter gather or agrarian society to average human in the today's world. I'm mostly interested in how the discovery ...