Monday, March 14, 2011

Today in American Economic History

1794 Eli Whitney received a patent for the cotton gin.

1900 Congress passed The Gold Standard Act

Sunday, March 13, 2011

government granted monoply

The FDA just granted KV Pharmaceutical a monopoly on the sale of a drug to prevent premature births. For years it had been produced by pharmacies that sold it for $10 to $20. Doctors can no longer use those versions of the drug. KV is increasing the price of a shot from $10 to $1,500. Read the story here.