economics

Johann Beckmann invented “Technology”

Johann Beckmann invented “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. He was the first man to teach technology and write about it as an academic subject. Johann Beckmann was born at Hoya in Hannover. He attended the University of Göttingen where he studied theology, mathematics, physics, natural history, and public finance…
Cornelius Vanderbilt’s Railroad and Steamship Empire

Cornelius Vanderbilt’s Railroad and Steamship Empire

On May 27, 1794, American business magnate and philanthropis Cornelius Vanderbilt was born. Vanderbilt’s wealth was build on railroads and shipping. He was also the patriarch of the Vanderbilt family and one of the richest Americans in history. Cornelius Vanderbilt was born in New York and started working on his father’s ferry in New York Harbor as a boy. It is reported that he already left school at 11 and started…
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. “As far as the use of…
John von Neumann – Game Theory and the Digital Computer

John von Neumann – Game Theory and the Digital Computer

On December 28, 1903, Hungarian and American pure and applied mathematician, physicist, inventor and polymath John von Neumann was born. He made major contributions to a number of fields including mathematics, physics, economics, computing, and statistics. He was a key figure in the development of game theory, the concepts of cellular automata, and the digital computer. He is definitely one of the candidates to write several biographical articles of, each…
Bernard Mandeville and the Fable of the Bees

Bernard Mandeville and the Fable of the Bees

Bernard Mandeville’s – The Fable of Bees On November 15, 1670, Dutch philosopher, political economist and satirist Bernard Mandeville was born. He became famous for The Fable of the Bees, a satire that suggests many key principles of economic thought, including division of labor and the “invisible hand“, seventy years before these concepts were more thoroughly elucidated by Adam Smith. Not very much is known about the life of Bernard Mandeville. He…
Antoine Cournot and the Mathematical Theory of Economics

Antoine Cournot and the Mathematical Theory of Economics

Antoine Cournot (1801 – 1877) 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. Antoine Cournot was born in Gray,…
The German Reinheitsgebot

The German Reinheitsgebot

A crown cap, reading “500 Years of Reinheitsgebot in Munich 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…
John Jacob Astor and the American Fur Company

John Jacob Astor and the American Fur Company

John Jacob Astor (1763 – 1848) On April 6, 1808, Johann Jacob Astor founded the American Fur Company in New York. The company grew to monopolize the fur trade in the United States by 1830, and became one of the largest businesses in the country and John Jacob Astor became the first multi-millionaire in the United States. John Jacob Astor was born near Heidelberg, Germany and his career began at…
The Burst of the Tulip Bubble

The Burst of the Tulip Bubble

Tulip “The Viceroy”, in 1636 worth about10 times the annual salary of a skilled craftsman. On February 3, 1637, in Haarlem, Netherlands, the tulip bulb contract prices collapsed abruptly and the trade of tulips ground to a halt. This should put an end to the ‘Tulip Mania‘, one of the first economic bubbles to burst. You see, financial crisis is not an invention of modern times. Already in the 17th…
Thomas Gresham and the London Royal Exchange

Thomas Gresham and the London Royal Exchange

Royal Exchange, London On January 23, 1571, the Royal Exchange in London was founded by the merchant Thomas Gresham to act as a centre of commerce for the City of London. On the afternoon of January 23rd, 1571, Queen Elizabeth went from her Palace of Somerset House to dine with Sir Thomas Gresham at his fine mansion in Austin Friars. She went in state with her Trumpeters and Halberdiers, with…
Relation Browser
Timeline
0 Recommended Articles:
0 Recommended Articles: