Planet Money Summer School 3: Accounting and The Last Supper
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Jul 26, 2023 
David Kestenbaum, co-host of Planet Money, dives into the captivating world of accounting and its historical roots. He discusses the revolutionary impact of double-entry bookkeeping introduced by Luca Pacioli, the so-called father of accounting. Listeners learn how accounting isn't just about numbers; it's a mindset that can influence business success or failure. Kestenbaum also explores how digital spreadsheets transformed the accounting landscape, making it not only efficient but also integral to ethical decision-making in finance.
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Accounting's True Nature
- Accounting is more than just numbers; it's a revolutionary way of thinking about business and the world.
- It reveals a universe of balanced forces, like assets and liabilities, providing a deeper understanding.
Accounting as a Superpower
- Accounting is a superpower applicable to everyone, not just businesses.
- It equips individuals with a sixth sense for interpreting and judging performance, enabling better decision-making.
Luca Pacioli and Double-Entry Bookkeeping
- Luca Pacioli, a monk and mathematician, documented double-entry bookkeeping in 1494 Venice.
- This system, separating business elements on paper, revolutionized financial record-keeping.
