economics

Reinhard Selten and Game Theory

Reinhard Selten and Game Theory

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). Reinhard Selten was born in Breslau and after a brief family exile in…
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. Jacques…
Matthew Boulton and James Watt’s Steam Engines

Matthew Boulton and James Watt’s Steam Engines

On August 17, 1809, English manufacturer Matthew Boulton passed away. Boulton financed and introduced James Watt‘s steam engine. The partnership installed hundreds of Boulton & Watt steam engines, which were a great advance on the state of the art, making possible the mechanisation of factories and mills. Boulton applied modern techniques to the minting of coins, striking millions of pieces for Britain and other countries, and supplying the Royal Mint with…
The Aircraft Designs of Willy Messerschmitt

The Aircraft Designs of Willy Messerschmitt

On June 26, 1898, German aircraft designer and manufacturer Wilhelm Emil “Willy” Messerschmitt was born. Probably Messerschmitt’s single most important design was the Messerschmitt Bf 109, designed in 1934 with the collaboration of Walter Rethel. The Bf 109 became the most important fighter in the Luftwaffe as Germany rearmed prior to World War II. To this day, it remains one of the most-produced warplanes in history, with some 34,000 built.…
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. Ferruccio Lamborghini was born in Renazzo di Cento, in the Province of Ferrara, in the Emilia-Romagna region of Northern Italy, to viticulturists Antonio and Evelina…
Clarence Hungerford Mackay connected the World

Clarence Hungerford Mackay connected the World

On April 17, 1874, American financier Clarence Hungerford Mackay was born. Mackay was chairman of the board of the Postal Telegraph and Cable Corporation and president of the Mackay Radio and Telegraph Company. He supervised the completion of the first transpacific cable between the United States and the Far East in 1904. He laid a cable between New York and Cuba in 1907 and later established cable communication with southern Europe…
Heinz Nixdorf and his Microcomputers

Heinz Nixdorf and his Microcomputers

On April 9, 1925, German computing pioneer, businessman and founder of Nixdorf Computer AG Heinz Nixdorf was born. Nixdorf founded his first computer company in 1952. He would lead this company as its owner to an international electronic concern that would make almost 4 billion D-Mark. His microcomputer could stand up to the mainframes and because of that, Nixdorf was known as one of the founders who were a symbol…
Momofuku Ando and the Noodles

Momofuku Ando and the 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. 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. Taking a trip down…
Leonid Kantorovich and the Optimal Allocation of Scarce Resources

Leonid Kantorovich and the Optimal Allocation of Scarce Resources

On January 19, 1912, Soviet mathematician and economist Leonid Vitaliyevich Kantorovich was born. Kantorovich shared the 1975 Nobel Prize for Economics with Tjalling Koopmans for their work on the optimal allocation of scarce resources. Kantorovich was born in St. Peterburg, Russia, into a Russian Jewish family. His father Vitaliy Moiseevich Kantorovich, was a popular medical doctor specialising in sexually transmitted diseases, and his mother was Paulina Grigoryevna Zaks. Kantorovich was…
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 WW 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…
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