economics

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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Liberty vs. Authority according to John Stuart Mill

Liberty vs. Authority according to John Stuart Mill

On May 8, 1873, British philosopher, political economist and civil servant John Stuart Mill passed away. One of the most influential thinkers in the history of liberalism, he contributed widely to social theory, political theory and political economy. Dubbed “the most influential English-speaking philosopher of the nineteenth century“, Mill‘s conception of liberty justified the freedom of the individual in opposition to unlimited state and social control. His views still are significant today…
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Max Weber – one of the Founders of Sociology

Max Weber – one of the Founders of Sociology

On April 21, 1864, German sociologist, philosopher, jurist, and political economist Max Weber was born. Max Weber‘s ideas profoundly influenced social theory and social research. Weber is often cited, with Émile Durkheim and Karl Marx, as among the three founders of sociology. Max Weber was born in Erfurt. He joined the University of Heidelberg to study law and later moved to the University of Berlin. Next to studying, Weber was also occupied as…
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Economist Henry James Carey

Economist Henry James Carey

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. Henry James Carey succeeded his father Mathew Carey, who was an influential economist, political reformer, editor, and publisher, in his publishing company. In 1835 he co-founded the Franklin Fire Insurance Company of Philadelphia. While publishing his 4-volume treatise Principles of Political Economy, Carey retired from…
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Emil Rathenau and the German Electrical Industry

Emil Rathenau and the German Electrical Industry

On December 11, 1838, German entrepreneur and industrialist, Emil Moritz Rathenau was born. Rathenau was a leading figure in the early European electrical industry. He founded the Allgemeine Elektrizitats Gesellschaft (AEG), the German General Electric Company, with a product range including power stations, railways as well as electrical machines and devices. Rathenau was also the first to produce aluminium in Germany for industrial use. Emil Rathnau studied mechanical engineering at the Polytechnic in Hanover…
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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 Saxony and…
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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. Jacques Necker grew…
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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 up-to-date equipment.…
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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. Willy Messerschmitt…
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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. 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 Lamborghini. As…
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