economics

How Johann Beckmann invented the Science of Technology

How Johann Beckmann invented the Science of Technology

On June 4, 1739, German chemist and economist Johann Beckmann was born. He established the science of agriculture and coined the word technology, to mean the science of trades. Technology today has become ubiquituous. You might think that this term was part of our vocabulary ever since antiquity. Not at all. It was Johann Beckmann, who was the first to teach technology and write about it as an academic subject. Johann Beckmann and…
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Ernst Engel and Engel’s Law of Microeconomics

Ernst Engel and Engel’s Law of Microeconomics

On March 26, 1821, German statistician Ernst Engel was born. Engel was head of the Prussian Statistical Bureau (1860-82) and is best known for the “Engel curve,” or Engel‘s law, which states that the proportion of expenditure on food will fall as income rises, i.e. food is a necessary good. He who attempts to draw any conclusion whatever as to the nation’s wealth or poverty from the mere fact of a favorable…
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Robert Malthus and the Principle of Population

Robert Malthus and the Principle of Population

On February 13, 1766, English cleric and scholar Rev. Thomas Robert Malthus was born. His An Essay on the Principle of Population observed that sooner or later population will be checked by famine and disease, leading to what is known as a Malthusian catastrophe. He thought that the dangers of population growth precluded progress towards a utopian society. Malthus placed the longer-term stability of the economy above short-term expediency. His views became…
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Oskar Morgenstern and the Game Theory

Oskar Morgenstern and the Game Theory

On January 24, 1902, German-American economist and mathematician Carl Friedrich Alfred Oskar Morgenstern was born. Morgenstern popularized “game theory” which mathematically analyzes behaviour of man or animals in terms of strategies to maximize gains and minimize losses. He coauthored Theory of Games and Economic Behavior (1944), with John von Neumann, which extended Neumann‘s 1928 theory of games of strategy to competitive business situations.[4] “As far as the use of mathematics in economics…
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When Money Buys Little – the Hyperinflation of the Weimar Republic

When Money Buys Little – the Hyperinflation of the Weimar Republic

Mid November 1923, the Hyperinflation of the Weimar Republic reached its peak. Due to Germany’s obligation to pay large reparations after World War I, a hyperinflation was induced reaching its peak in November 1923, when the American dollar was worth 4,210,500,000,000 German marks. World War I – Increasing the Amount of Money Shortly after the beginning of the First World War on August 4, 1914, the German Reich government abolished the Reichsbank’s legal…
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Antoine Cournot and the Mathematical Theory of Economics

Antoine Cournot and the Mathematical Theory of Economics

On August 28, 1801, French philosopher and mathematician Antoine-Augustin Cournot was born. He is considered being the first economist who applied mathematics to the treatment of economic questions. In 1838, he published Recherches sur les principes mathématiques de la théorie des richesses (Researches into the Mathematical Principles of the Theory of Wealth) which was a treatment of mathematical economics. “So far we have studies how, for each commodity by itself, the law…
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Vilfredo Pareto and the Law of the Vital Few

Vilfredo Pareto and the Law of the Vital Few

On July 15, 1848, Italian engineer, sociologist, economist, political scientist and philosopher Vilfredo Federico Damaso Pareto was born. He made several important contributions to economics, particularly in the study of income distribution and in the analysis of individuals’ choices. The Pareto principle was named after him and built on observations of his such as that 80% of the land in Italy was owned by 20% of the population. “The assertion that men…
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The German Reinheitsgebot and the Secrets of Brewing Beer

The German Reinheitsgebot and the Secrets of Brewing Beer

On April 23, 1516, in the city of Ingolstadt in the duchy of Bavaria, Duke Wilhelm IV. and Duke Ludwig X of Bavaria publish a new law that contains regulations about the price and the ingredients of beer. These Regulations later are called the ‘Reinheitsgebot‘ ( German Beer Purity Law), which states that the only ingredients that could be used in the production of beer are water, barley and hops. Augsburg, Nuremberg,…
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The Rise and Fall of the British East India Company

The Rise and Fall of the British East India Company

On December 31, 1600, the British East India Company (EIC) received a Royal Charter from Queen Elizabeth making it the oldest among several similarly formed European East India Companies pursuing trade with the East Indies. “The East India Company established a monopoly over the production of opium, shortly after taking over Bengal.” – Robert Trout [10] The Foundation of the British East India Company Already 12 years before, the Spanish Armada was defeated…
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Andrew Carnegie – Steel Tycoon and Philanthropist

Andrew Carnegie – Steel Tycoon and Philanthropist

On November 25, 1835, Scottish-American industrialist and philanthropist Andrew Carnegie was born. He led the enormous expansion of the American steel industry in the late 19th century and was also one of the highest profile philanthropists of his era. “Surplus wealth is a sacred trust which its possessor is bound to administer in his lifetime for the good of the community.” — Andrew Carnegie, he Best Fields for Philanthropy, 1889 Early Life and Emigration…
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