The Great Inflation refers to the period from 1965 to 1982 characterized by exceptionally high rates of inflation in the United States and throughout much of the developed world. This prolonged era of stagflation, a combination of high inflation and slow economic growth, wreaked havoc on economic productivity and presented complex challenges for policymakers. Origins ..read more

Though several events are responsible for the advancement of the Industrial Revolution, the one innovation that sits at the helm of the discussion is the steam engine ..read more

Summary The British Industrial Revolution began in the textile industry, with inventions like the flying shuttle, spinning jenny, and Watt’s steam engine revolutionizing production. The factory system transformed labor, shifting from small-scale, home-based production to large-scale, clock-bound factory work, leading to backlash from movements like the Luddites. The Enclosure Movement in agriculture displaced small farmers ..read more

Summary The Land Act of 1820 was a key piece of legislation that encouraged settlement of the American West following the War of 1812 and the financial Panic of 1819. Prior to the act, the government allowed land purchases on an installment plan, but this led to rampant speculation, squatters not paying, and many settlers ..read more

Summary The telegraph, invented by Samuel Morse in 1844, revolutionized long-distance communication. The telegraph had a significant impact on commerce, allowing for rapid transmission of business information and transactions. The news industry experienced substantial growth due to the telegraph, with the number of newspapers and their circulation increasing dramatically. The telegraph played crucial roles in ..read more

Summary The factory system, which emerged during the Industrial Revolution in England, revolutionized manufacturing by combining machinery, new technologies, and the division of labor to increase efficiency and lower production costs. The rise of the factory system in the textile industry was driven by inventions such as the spinning jenny, the mule, and the power ..read more

Summary Child labor was common in England before the Industrial Revolution, with children as young as 5 or 6 working in fields, apprenticeships, or as domestics. The Industrial Revolution led to a surge in child labor, with an estimated 50% of the English workforce under 20 years old by the 1820s, often working in dangerous ..read more

Market Efficiency and the Close-End Fund Puzzle The ability of market prices to reflect all available, relevant information, is a core element of conventional financial theory (Fama, 1970). The main insight is that the market does a fairly good job in disseminating available information. This allows, in its turn, investors to estimate the ‘fundamental’ ability ..read more

Designed by James Hargreaves, the spinning jenny was one of the crucial inventions in the textile industry during the Industrial Revolution. It decreased production costs, encouraged the movement of textile production into factories ..read more

Though several events are responsible for the advancement of the Industrial Revolution, the one innovation that sits at the helm of the discussion is the steam engine ..read more