It was tradition in Babylon that a son would live with his rich parents so that he can inherit. Arkad did things differently. He wanted his son to inherit, but his son first had to prove himself wise enough to handle so much wealth. He gave his son Nomasir a bag of gold and three …
The Goddess of good luck
In Ancient Babylon there was a Temple of learning where the wisdom of the past was taught by voluntary teachers and where all men met as equals to discuss subjects of interest. One day a cloth weaver told everyone that he found a purse with money. He wanted to know if there is a way …
Seven cures for a lean purse
After many years of great prosperity while the king built the irrigation system and temples, came a time when the work was done and the laborers had nothing left to do. thus, businesses could not sell their products because people did not have enough gold to buy food. So, the king wanted to know how …
The man who desired gold
Bansir was a hardworking chariot builder who barely scraped by. One day his best friend Kobbi came by to borrow some money. He found Bansir staring into the distance, truly discouraged. Bansir was trying to figure out why they are so poor even though they lived in the richest city in the world, build the …
A historical sketch of Babylon
Babylon was not rich in natural resources. No forests and mines, very poor rainfall and not located near any natural trading route. Babylon only had fertile soil and the Euphrates river. All other resources were man made. The people from Babylon diverted water from the river via dams and irrigation channels. Babylon became one of …
The Richest man in Babylon
Arkad was widely known for his wealth, but he was also known for his generosity and kindness. Bansir, Kobbi and all their gathered friends asked him why he is so rich while they are barely scaping by. He was once their equal. They went to the same schools, played the same games and learned from …
Wealth
There is a huge difference between being rich and being wealthy. A rich person may earn a high salary, live in a mansion, drive an expensive car, have extravagant holidays... But what happens when they can no longer work? Being rich is about earning a high income (more than what you need) at a given …
Personal finance basics
They say our country is in recession, which basically means the economy is shrinking for the second quarter in a row. With all the credit rating downgrades and political turmoil it may be a good idea to reassess our financial situation. I am not a financial adviser, but here are the things I believe we …
Elasticity
In a previous article Supply, demand and market equilibrium we discussed the relationship between supply, demand and price. We also saw how governments and companies often try to manipulate the price in Rationing and allocating resources. But how much can a price be manipulated before consumers stops buying the product. How much will demand change in response …
Predicting supply and demand
In a previous article supply, demand and market equilibrium we discussed the relationship between supply, demand and prices. We can use graphs to predict the effects of changes in price and quantity demanded/ supplied to some extend (if all else stays equal). Supply and Demand Curves If the price for a product change, the quantity of …
Making it Work 