Economy
Discover facts about economy. Small discoveries that change the way you see familiar things.
Economy
Christchurch paid a wizard to help give the city its identity.
Christchurch paid a wizard to help give the city its identity. Ian Brackenbury Channell, known as the Wizard of New Zealand, received an annual council…
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Economists widely observe a principle called Gresham's Law, which states that bad money always drives out good money from active circulation within a given market.
Economists widely observe a principle called Gresham's Law, which states that bad money always drives out good money from active circulation within a given…
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Swiss cheese production was strictly controlled by a massive government-backed cartel known as the Swiss Cheese Union from the First World War all the way until the late 1990s.
Swiss cheese production was strictly controlled by a massive government-backed cartel known as the Swiss Cheese Union from the First World War all the way…
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A company can move its legal home without moving its workers.
A company can move its legal home without moving its workers. Delaware lets businesses incorporate there while operating elsewhere. A registered agent…
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Quebec stores maple syrup to smooth out unpredictable harvests.
Quebec stores maple syrup to smooth out unpredictable harvests. The producers' strategic reserve holds surplus syrup from strong seasons and releases supplies…
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Seventeenth-century Sweden minted copper money in plates so large that a ten-daler piece weighed about 43 pounds.
Seventeenth-century Sweden minted copper money in plates so large that a ten-daler piece weighed about 43 pounds. Paying a substantial sum could mean moving a…
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Major corporate employers in Japan rarely fire their underperforming employees outright due to deeply ingrained cultural stigmas and strict labor laws, so they instead utilize…
Major corporate employers in Japan rarely fire their underperforming employees outright due to deeply ingrained cultural stigmas and strict labor laws, so…
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Inhabitants of the incredibly remote volcanic island of Tristan da Cunha briefly utilized the humble potato as their official, government-recognized form of currency during the…
Inhabitants of the incredibly remote volcanic island of Tristan da Cunha briefly utilized the humble potato as their official, government-recognized form of…
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Britain’s compensation for slave owners left a debt trail that reached 2015.
Britain’s compensation for slave owners left a debt trail that reached 2015. The government borrowed to fund payments after abolition, while the formerly…
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Japanese communities invented a localized currency called fureai kippu that is earned entirely by volunteering to care for elderly citizens.
Japanese communities invented a localized currency called fureai kippu that is earned entirely by volunteering to care for elderly citizens. The hours can be…
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A company can buy life insurance on an employee and collect the payout itself.
A company can buy life insurance on an employee and collect the payout itself. The employer pays the premiums and is the beneficiary, so the money need not go…
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Businesses can buy protection against disappointing weather.
Businesses can buy protection against disappointing weather. Weather derivatives link payments to measures such as temperature rather than to a company's…
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Romanian government officials officially changed their labor laws in 2011 to classify witchcraft as a taxable profession in a desperate attempt to collect more revenue.
Romanian government officials officially changed their labor laws in 2011 to classify witchcraft as a taxable profession in a desperate attempt to collect…
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Sony built an insurance business alongside its electronics empire.
Sony built an insurance business alongside its electronics empire. Financial services became a substantial part of a group better known to customers for…
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Capuchin monkeys learned to exchange tokens for treats in a Yale experiment.
Capuchin monkeys learned to exchange tokens for treats in a Yale experiment. They could compare food offers and choose where to spend their limited supply.…
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The ocean contains gold too scattered to collect profitably.
The ocean contains gold too scattered to collect profitably. NOAA describes dissolved gold at extremely low concentrations, with one study finding only about…
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A Maine town built an industry from tiny wooden picks.
A Maine town built an industry from tiny wooden picks. Strong earned the nickname 'Toothpick Capital of the World' as Maine became a center of American…
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A stuck soda prompted a warning campaign about falling vending machines.
A stuck soda prompted a warning campaign about falling vending machines. In 1995, US safety officials reported 37 deaths since 1978 involving people rocking…
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South Africa introduced the Krugerrand in 1967 as the first gold bullion coin designed entirely for private individuals to hoard wealth, making it wildly popular among paranoid investors worldwide.
South Africa introduced the Krugerrand in 1967 as the first gold bullion coin designed entirely for private individuals to hoard wealth, making it wildly…
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The Secret Service began with counterfeit money, not bodyguards.
The Secret Service began with counterfeit money, not bodyguards. Established in 1865 within the Treasury Department, the agency initially investigated…
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The New York Fed guards thousands of tons of gold it doesn't own.
The New York Fed guards thousands of tons of gold it doesn't own. Its Manhattan vault held about 6,331 metric tons in 2024, stored for governments, central…
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Economics joined the Nobel ceremony decades late.
Economics joined the Nobel ceremony decades late. Sweden's central bank established the economics prize in 1968, and it was first awarded in 1969. It is…
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A World War I debt tail lasted until 2010.
A World War I debt tail lasted until 2010. Germany's final payment concerned interest on bonds issued under the Dawes and Young plans, which had helped…
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The metallic smell left by coins comes from a reaction on your skin.
The metallic smell left by coins comes from a reaction on your skin. Contact with metal breaks down compounds in skin oils, releasing strongly scented…
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