economics

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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William Edwards Deming and Total Quality Management

William Edwards Deming and Total Quality Management

On October 14, 1900, American engineer, statistician, professor, author, lecturer, and management consultant William Edwards Deming was born. Deming often is referred to as the father of “Total Quality Management.” After World War II, he contributed to Japan‘s economic recovery by recommending statistical methods of quality control in industrial production. His method embraced carefully tallying product defects, examining their causes, correcting the problems, and then tracking the results of these changes on…
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Josiah Wedgwood and his Pottery Company

Josiah Wedgwood and his Pottery Company

On July 12, 1730, English potter and founder of the eponymous company Josiah Wedgwood was born. Wedgwood is credited with the industrialisation of the manufacture of pottery. Every new invention that Wedgwood produced – green glaze, creamware, black basalt and jasper – was quickly copied. Having once achieved perfection in production, he achieved perfection in sales and distribution. The Art of Making Porcelain We had already featured the (re-)discovery of the art…
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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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Frederick W. Taylor – the first Management Consultant

Frederick W. Taylor – the first Management Consultant

On March 20, 1856, American mechanical engineer Frederick Winslow Taylor was born. Taylor is known as the father of scientific management, who sought to improve industrial efficiency. He was one of the first management consultants. Taylor summed up his efficiency techniques in his 1911 book The Principles of Scientific Management. His pioneering work in applying engineering principles to the work done on the factory floor was instrumental in the creation and development…
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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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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. 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 and administration.…
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Cornelius Vanderbilt’s Railroad and Steamship Empire

Cornelius Vanderbilt’s Railroad and Steamship Empire

On May 27, 1794, American business magnate and philanthropist 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 – Starting a Ferry Business Cornelius Vanderbilt was born as the fourth child and second son of Cornelius and Phebe Vanderbilt (née Hand). Vanderbilt left school at the age of eleven. At the age of…
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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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