10 Facts You Didn't Know About Economics

The Nobel Prize in Economics is not a real Nobel Prize,  It is  called the Sveriges Riksbank Prize in Economic Sciences.

Economics was originally called 'political economy' it can never be a science.

No single economic theory can explain Singapore's economy, It includes capitalism and socialism partialy.

Britain and the US follow protectionism, which is opposite to free trade.

Free trade first spread mostly through "Gunboat Diplomacy" of forceful unequal treaties.

Contrary to what we think, the welfare state was originally a 'rightwing' invention. It was the arch-conservative Otton von Bismarck who first introduced it.

The internet and semiconductors was invented by the US government for economical gains, not by the Silicon Valley

Most poor people don't live in poor countries, They live in fastest growing economies like China & India.

High Taxes and welfare fundigs can bring equality and peace among  the people.

The 'lazy' Greeks are the most hardest working people in the rich economies after South Koreans.

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