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There's a great parody of this kind of teaching by Mark Steele (UK Broadcaster).

Teacher> What did the Vikings come in?

Student>Ships miss?

Teacher>Wrong

Student>Long boats?

Teacher>No they came in hoards, that's what it says in the book

Or it results in the run-down no-investment nationalized industries of europe in the 70s.

Look at airports that are owned by the municipality, they have no construction, no investment - because that would look like a deficit. Then look at commercial airports that can borrow money. Or compare AMTRAK to a commercial airline.

Not building new water treatment plants, or new transport links or new hospitals but just spending money patching up the old ones = fiscally responsible zero deficit? Now imagine a corporation whose plans were to spend no money on sales, expansion, R+D etc what would it's share price do?

No - they were mostly just housing suburbs. That brings in income from fees when the houses are built - but you have roads, sewer/water, schools, hospitals to fund forever.

That's fine as long as the people living in those houses are tax-profitable middle class dual income. As soon as they aren't you have just built a 500,000 person slum to fund.

And is based on having the HQs of global corps there. As soon as another city offers a better tax break those HQs will move in a nano-second.

Look at Ireland when the bank crash hit the US

Knowing that it was half a century after the reformation but before the English civil war, yet after the establishment of other colonies is important. Knowing that it was 1620 rather than 1619/1621 isn't important - but that's all you are tested on. Treating it as maths where being 1year out is completely wrong is stupid.