Economics
- In the mid-1840s several harvests failed across Europe, which caused famines. Especially the Great Irish Famine (1845–1849) was severe and caused a quarter of Ireland's population to die or emigrate to the United States, Canada and Australia.
- The Panic of 1837 triggered by the failing banks in America is followed by a severe depression lasting until 1845.
- Introduction of the postage stamp. The first of them is Penny Black, issued by the United Kingdom on May 1, 1840.
- The California Gold Rush follows on the heels of the Mexican-American War, bringing tens of thousands of immigrants to California and eliminating the United States' dependence on foreign gold.
Read more about this topic: 1840s
Famous quotes containing the word economics:
“There is no such thing as a free lunch.”
—Anonymous.
An axiom from economics popular in the 1960s, the words have no known source, though have been dated to the 1840s, when they were used in saloons where snacks were offered to customers. Ascribed to an Italian immigrant outside Grand Central Station, New York, in Alistair Cooke’s America (epilogue, 1973)
“I am not prepared to accept the economics of a housewife.”
—Jacques Chirac (b. 1932)
“The animals that depend on instinct have an inherent knowledge of the laws of economics and of how to apply them; Man, with his powers of reason, has reduced economics to the level of a farce which is at once funnier and more tragic than Tobacco Road.”
—James Thurber (1894–1961)