economics

Black Thursday – The Wall Street Crash of 1929

Black Thursday – The Wall Street Crash of 1929

The Wall Street Crash of 1929, also known as the Great Crash and the Stock Market Crash of 1929, began in late October 1929 and was the most devastating stock market crash in the history of the United States. The crash signaled the beginning of the 10-year Great Depression that affected all Western industrialized countries, in Germany also referred to as the “Weltwirtschaftskrise“. Black Thursday The optimism and financial gains of the…
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The Invention of Financial Politics by Jean-Baptiste Colbert

The Invention of Financial Politics by Jean-Baptiste Colbert

On August 29, 1619, Jean-Baptiste Colbert, who served as Minister of Finances under the rule of Louis XIV., was born. Colbert‘s innovative financial politics was one of the basic pillars of French absolutism and was about to change the world into a modern economy. “The art of taxation consists of plucking the goose so as to obtain the most feathers with the least hissing” – Jean-Baptiste Colbert Jean Baptiste Colbert – Early…
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Eureka! – California and the 1848 Gold Rush

Eureka! – California and the 1848 Gold Rush

On August 19, 1848, the the New York Herald, a major newspaper of the American East Coast printed the exciting news that gold has been found on the West Coast, which caused thousands of immigrants from all over the world to travel to California hoping to to find wealth and glory. The 1848 Gold Rush and How it all began The story began some months earlier, in January 1848. James Marshall constructed…
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Charles Dow and his Famous Stock Index

Charles Dow and his Famous Stock Index

On July 3 1884 Charles Henry Dow together with his colleague Edward Jones composed and published an stock average – called the Dow Jones Railroad Average -, which contained nine railroads and two industrial companies. He developed the stock index as part of his market research and it was meant to serve as a reference value to determine fluctuations of the stock market. It first appeared in the Customer’s Afternoon Letter, a daily…
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Henry Charles Carey and his Influence on U.S. Economy

Henry Charles Carey and his Influence on U.S. Economy

On December 15, 1793, 19th-century economist of the American School of capitalism Henry Charles Carey was born. Carey was chief economic adviser to U.S. President Abraham Lincoln. Family Background and Life Henry James Carey succeeded his father Mathew Careyin his publishing company, who was an Irish influential economist, political reformer, editor, and publisher, and who had gone into exile for political reasons. In 1821 Carey took over the management of the business and…
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Reinhard Selten – Game Theory and Experimental Economics

Reinhard Selten – Game Theory and Experimental Economics

On October 5, 1930, German economist and Nobel Laureate Reinhard Selten was born. Selten is well known for his work in bounded rationality and can be considered as one of the founding fathers of experimental economics. For his work in game theory, Selten won the 1994 Nobel Memorial Prize in Economic Sciences (shared with John Harsanyi and John Nash). “I was always skeptical about authority, about things which were told by authorities, because I…
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Jacques Necker and the Finances of France

Jacques Necker and the Finances of France

On September 30, 1732, Swiss banker, French statesman and finance minister for Louis XVI Jacques Necker was born. Necker helped make decisions that were critical in creating political and social conditions that contributed to the outbreak of the French Revolution in 1789. In 1780, Necker published the Compte rendu au roi, in which he summarized governmental income and expenditures to provide the first record of royal finances ever made public. “Only fools, pure…
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From Agriculture to Sport Cars – Ferruccio Lamborghini

From Agriculture to Sport Cars – Ferruccio Lamborghini

On April 28, 1916, Italian industrialist Ferruccio Lamborghini was born. Lamborghini entered the business of tractor manufacturing in 1948 and quickly became an important manufacturer of agricultural equipment. In 1963, he most famously created Automobili Lamborghini, a maker of high-end sports cars in Sant’Agata Bolognese. Early Years and World War 2 Ferruccio Lamborghini was born in Renazzo di Cento, in the Province of Ferrara, in the Emilia-Romagna region of Northern Italy, to…
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Momofuko Ando and the Secret of Instant Noodles

Momofuko Ando and the Secret of Instant Noodles

On March 5, 1910, Taiwanese–Japanese inventor and Businessman Momofuku Ando was born. Ando is known as one of the inventors of instant noodles, instant ramen, and Cup Noodles. He founded Nissin Food Products Co., Ltd. Ramen – the Student Super Food Poor college students around the globe know that every day is a good day for instant (ramen) noodles. They are filling, incredibly cheap as well as fast and easy to prepare.…
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Steve Jobs – American Businessman, Inventor, and Industrial Designer

Steve Jobs – American Businessman, Inventor, and Industrial Designer

On February 24, 1955, American businessman, inventor, and industrial designer Steve Jobs was born. Jobs is widely recognized as a pioneer of the microcomputer revolution of the 1970s and 1980s, along with Apple co-founder Steve Wozniak. “What a computer is to me is it’s the most remarkable tool that we have ever come up with. It’s the equivalent of a bicycle for our minds.” — Steve Jobs, as quoted in Memory and…
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