Marie Antoinette, Queen of France, was accused of single-handedly ruining France’s finances. Official estimates claim court expenses alone were 7% of France’s total budget but the real figure was a lot higher. She was given the name “Madame Déficit” during the French Revolution.
Upon finding out he won the Nobel Prize for Economics for his work on irrational decision-making, American economist Richard Thaler said he would spend the prize money as “irrationally as possible.”
A group of participants received a mug and were told they owned it; a second group was only shown the mug. When asked how much they would be willing to sell the mugs for, their asking price was more than twice of the second group. The “endowment effect“ is when we overvalue what we feel we own.
There’s a Hot Waitress Economic Index – an informal measure of the state of the economy that is compiled by counting the number of attractive people working as waiters/waitresses.
The Democratic Republic of Congo is widely considered one of the world’s richest countries in natural resources; its untapped deposits of raw minerals are estimated to be worth in excess of US$24 trillion. Yet, owing to political instability, it remains one of the poorest countries (per capita).
The “Nobel Prize in Economics” isn’t a real Nobel Prize. It was established over 70 years after the death of Alfred Nobel, is sponsored by a bank and is officially only “in memory of Alfred Nobel”.
Over the last 12 months an investment portfolio selected by throwing darts at stock tables outperformed a portfolio of stocks recommended by high-profile hedge fund managers by 27%.
In 1980, China’s economy was smaller than Pakistan’s. After growing by more than 10% annually over the past 30 years, China’s economy is expected to surpass the U.S. by 2028.
There is an African Union which aims to have a currency union similar to the Euro. One suggested name for this currency union is the “Afro.”
More than 40% of the Fortune 500 companies in 2010 were founded by an immigrant or the child of an immigrant.