Adam Smith’s 'The Wealth of Nations' introduced concepts like division of labor, productivity, and free markets

Listen to a podcast episode that outlines 250 years of world trade history.

John Maynard Keynes was one of the most influential economists of the 20th century

Keynes influenced economic thought by arguing that governments should spend to stabilize economies during downturns. His ideas shaped the postwar international order and remain central to modern economic policy debates.

Why some nations reach economic success and others don’t

The 2024 Nobel Prize in Economics winners, Daron Acemoglu, Simon Johnson, and James A. Robinson, were honored for their compelling research on the factors that influence a nation’s prosperity. Spanning two decades, their work presents insights into how societal organization can explain the income discrepancies between different countries. In general, their research shows that economic success favors more free and open societies. Listen for more fascinating insights.

The Bretton Woods economic order was built on Keynesian principles

Keynesian economics suggests that governments should actively manage economies to prevent downturns, promote employment, and regulate markets. The Bretton Woods institutions were created based on this belief that coordinated public intervention could prevent the economic crises of the 1930s.

Read the financial advice America's founding fathers gave, including Benjamin Franklin, Thomas Jefferson, and Alexander Hamilton.

British colonialism left economic institutions that still shape growth today

This analysis argues that while the British Empire inflicted exploitation and long-term harm, it also exported institutions—like standardized property rights and land surveying—that boosted economic development in some colonies.

Philosopher Bertrand Russell's 1932 case for laziness: with modern machinery, society could work four hours a day and still produce just as much.

In the wake of the Great Depression, a Russian-American economist named Simon Kuznets popularized the formula for gross domestic product to summarize the health of the economy and provide the American government with a metric to track growth.

Dow Theory laid the groundwork for modern market analysis

Developed by Charles Dow in the late 19th century, Dow Theory argued that markets move in trends. Its principles—confirmation, trends and volume—still influence technical analysis today.

Opposition to British taxes, regulation of trade was key to American independence

The economic situation in the colonies formed the backbone of the central events of the Revolution. British war debts caused it to lay the first direct taxes on colonists, cease their westward expansion claims, and adhere to stringent trade regulations, leading to backlash and eventual separation.

The Articles of Confederation were the first governing documents of the United States

Drafted in 1777 and ratified in 1781, the articles created a weak national government without the ability to tax or regulate commerce. This led to problems for the new nation, necessitating the Constitutional Convention in 1787.

Since 1776, the Declaration of Independence has served as a model for more than 100 nations and freedom organizations writing their own declarations.

Understanding the differences between capitalism and socialism

The two economic systems are rarely found in their pure form. Capitalism emphasizes private property, capital accumulation, and limited government regulation, while socialism favors government control of production to meet the needs of everyone rather than to generate profit. Most economies are a mix of both.

Ben Franklin’s edit helped define the Declaration’s philosophy

When Thomas Jefferson drafted the Declaration, he wrote that its truths were “sacred and undeniable.” Benjamin Franklin urged replacing that phrase with “self-evident,” grounding the document in reason rather than religious authority and sharpening its Enlightenment logic.

Benjamin Franklin founded America's first lending library, the Library Company of Philadelphia, in 1731.

Despite being completely legal to discuss salaries with your coworkers, the practice largely remains taboo in the US, particularly amongst older workers.

Pay transparency—once considered taboo—is gaining momentum. Despite being legally protected since 1935, open salary discussions have only recently become more common, especially among younger workers. This overview explores how cultural norms, economic shifts, and new state laws are reshaping the conversation around what we earn.

Winning a Nobel in economics takes decades of impact and a Swedish stamp of approval

The Nobel Memorial Prize in Economic Sciences isn't one of the original five prizes in Alfred Nobel's will but was added by Sweden's central bank in 1968. Candidates are nominated by top economists, with a focus on lasting academic influence.

The first recorded worker strike in the United States predates the American Revolution.

How ancient Romans invested and worked

The first stock exchange didn't open for business until the early 1600s, but that didn't stop the Ancient Romans from working and investing their money centuries before. While Romans are better known for their political inventions than their economic ones, understanding how they viewed money can help paint a better picture of the Roman mindset that created systems like democracy. Read this article to learn more.

The US framework of government has influenced the constitutions of many other countries

In 1787, the US Constitution introduced a system built on the separation of powers and individual liberties, including freedom of speech and religion. Though widely influential, its rigidity has made it less of a modern model as countries adopt more adaptable constitutional frameworks.

Joel Mokyr won the 2025 Economics Nobel as a historian of scientific ideas

Many Nobel Prizes for Economics go to economists for their sophisticated quantification and large-scale studies and surveys. And while Northwestern's Mokyr has conducted such studies, his published works are more traditional history, where he argues for the significance of ideas to the development of material economics.

Read how Fordism helped invent the American middle class

Henry Ford's revolution of the assembly line and American manufacturing as a whole gave rise to the American middle class. The introduction of the $5 workday (in exchange for eight-hour days of highly repetitive work) raised factory workers' wages enough to reorient the economy around consumer demand.

The Tariff Act of 1789 was one of America's first acts.

Money—not land—became Europe’s key economic driver in the Middle Age

During the medieval commercial revolution, money gradually replaced land as the primary economic commodity. Expanding trade, markets, and finance transformed Europe’s economy—laying foundations, historians argue, that were essential for the later Industrial Revolution.

Hamilton built the foundations of the US financial system as the nation's first Treasury secretary

Appointed the nation's first Treasury secretary in 1789 by George Washington, Alexander Hamilton designed a powerful federal finance system—repaying war debts, creating new taxes, founding a national bank, and promoting economic development.

Federalist 10 argued that a large republic best protects liberty

In Federalist 10, James Madison argued that a broad federal government could better control factions than small states (like classical city-states in ancient Greece). This foundational text in American political thought reframed the Constitution as a solution to political division rather than a threat to self-government.

Enlightenment ideals of reason informed the foundation of the Revolution

From the 17th to 19th centuries, an intellectual movement took place in Europe and its colonies that emphasized reason over authority. Following the Scientific Revolution, thinkers like Descartes, Kant, and Locke sought to explain the world in rational—rather than religious—terms. The movement caused a paradigm shift in how societies are organized and how people perceive themselves.

The history of the World Trade Organization

This episode of the "Brettonomics with Nancy Jackson" podcast explores the history of the WTO and its predecessor, the GATT, revealing the key people, negotiations, and decisions that shaped today's international trade rules.

Alexander Hamilton played a significant role in creating the American system of government

From 1787 to 1788, Hamilton, James Madison, and John Jay anonymously published a collection of essays known as the Federalist Papers to promote the new Constitution. Of the 85 essays that proved pivotal to the eventual ratification of the document, Hamilton wrote 51.

Benjamin Franklin advocated for the use of paper money and even engineered some key anticounterfeiting techniques used today.

The Bretton Woods conference in 1944 created the foundations of the modern global economy

In July 1944, 44 nations gathered in Bretton Woods, New Hampshire, to create a new postwar economic order. The conference led to the creation of the IMF and the International Bank for Reconstruction and Development—now known as the World Bank.

See the documents that shaped the Declaration before it was written

This Library of Congress collection comprises early arguments for Colonial rights, protests against British authority, draft constitutions, and multiple working drafts of the Declaration of Independence. It traces the ideas and language that preceded the final document adopted in 1776.

The Smithsonian was first funded by a man who never visited the US

The Smithsonian Institution was established through a gift in the will of James Smithson, a British scientist who never visited America but left his fortune to establish an institution dedicated to the "increase and diffusion of knowledge."

'Dystopia,' explained

John Stuart Mill introduced the term "dystopia" in 1868 to critique harmful policies, calling it the opposite of utopia, or an ideal world. The concept grew as industrialization and totalitarian regimes exposed societal flaws, inspiring works like George Orwell's "1984" to warn against oppression and moral decay.

Adams' famous 1776 letter urged the Founders to 'remember the ladies'

In a March 1776 letter to John, Adams urged the Founders not to grant husbands unchecked power over their wives. Historians note it was not a demand for suffrage but a challenge to coverture—the legal doctrine that denied a married woman an independent identity.

The US officially adopted an income tax in 1913

The US first levied income taxes during the Civil War, but modern income taxes became an American fixture in 1913. Two years earlier, Congress passed the 16th Amendment to give the government the right to tax individuals' and businesses' income. The US still technically levies the same federal income tax now as it did then—though it's evolved.

'The Firm' is a book about the influence of top consulting firm McKinsey

The author argues that consulting firms are so valuable to the companies that hire them because the clients don’t have to take the blame for any changes the consulting firm decides to make within the organization.

The GATT and its successor, the WTO, were established to lower trade barriers

Signed in 1947, the General Agreement on Tariffs and Trade began systematically reducing tariffs and trade barriers among member nations. In 1995, it was replaced by the World Trade Organization, which expanded those rules and established a formal dispute settlement system.

A centrally planned economy is one where the government—not markets—sets production

This Investopedia article explains how command economies work, which countries have used them, and why even market-based nations like the US sometimes adopt tools such as rationing or price controls during wartime or national emergencies.

The word 'dystopia' was first used in 1868

John Stuart Mill, an English philosopher, economist, and politician, uttered the word at the House of Commons while criticizing what he considered to be the government’s insufficient land policy for the Irish, saying, “What is commonly called Utopian is something too good to be practicable; but what they appear to favour is too bad to be practicable.”

Abigail Adams was a shrewd and largely self-taught financial investor

While John was away during the Revolution and his diplomatic career, Adams managed the family's finances and investments skillfully. When John urged her to buy farmland in 1783, she refused—investing instead in government bonds and earning up to 25% annually, compared to his farmland's 1%.

Trace how the Bill of Rights, inspired by centuries of political theory, took shape between 1774 and 1789.

This interactive resource from the National Constitution Center traces the complex drafting process behind the Bill of Rights, showing how state proposals and revisions evolved into the first 10 amendments.

The WEF’s ‘Davos Manifesto’ is a set of guiding principles for the event

In 2020, these principles were updated for the first time in more than 40 years to include “stakeholder capitalism,” the idea that a company’s purpose is “to engage all its stakeholders in shared and sustained value creation.”

The Founding Fathers were divided in their reactions to the Boston Tea Party.

The 1819 novel 'Ivanhoe' popularized the word 'freelancing'

In the novel, the author wrote about “free-lances:” mercenary soldiers who were “free” to use their weapons (called, yes, “lances”) in service of whoever paid them the most. A video details that story and other gig economy basics.

Modern Monetary Theory 101

Modern Monetary Theory is a macroeconomic theory that says government spending should not be restrained by fears of rising debt. Here's a breakdown of how the theory works.

The commerce clause gives the federal government authority to regulate interstate economic activity

This short constitutional provision has allowed Congress to regulate everything from wheat production to racial segregation, greatly expanding federal power by linking national authority to interstate economic activity.

Alexander Hamilton consolidated the states' debts, implemented a tax system, and established a national bank.

After the COVID-19 pandemic, Amsterdam became the first city to apply 'doughnut economics,' a new economic school of thought that defines productivity in terms of environmental impact.

Learn how the US tax code works and why it's important

First published in 1926, the US Code is the official codification of federal statutes in the US. Title 26 of the US Code, for instance, lists all of the federal tax laws of the United States. A new edition is published every six years.