By John Tamny
Though Las Vegas is perhaps best known as a tacky City of Sin where what happens within its limits stays there, its fortunes and misfortunes provide us with broad lessons about how economies work. Indeed, if one set out to understand the true workings of supply and demand, employment, inflation and Schumpeterian creative destruction, a tour of Las Vegas would provide living anecdotes that confirm and at times explode many widely held economic viewpoints.
The city’s origins. Wikipedia describes Las Vegas as a former stopover town for pioneers on their westward migrations in the late 19th century. As a city, it was not incorporated until 1911. Government spending gave it the still much venerated Hoover Dam in 1935, but the proliferation of railroads by the 20th century had reduced its importance as a place for resting Americans on their way west. No amount of 1930s stimulus or government spending could have created what Las Vegas was set to become.
Top Gaining Stocks
Top Losing Stocks