economics

Henry Ford and the Ford Motor Company

Henry Ford and the Ford Motor Company

On June 16, 1903, American entrepreneur Henry Ford founded the Ford Motor Company with $28,000 capital. It was not Henry Ford’s first attempt to build up a car company. In 1901 already he founded the Henri Ford Company, which became the Cadillac Motor Company on August 22, 1902, after Ford left with the rights to his name. Henry Ford was 39 years old when he founded the Ford Motor Company, which would go…
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Herbert A. Simon and the Science of Decision Making

Herbert A. Simon and the Science of Decision Making

On June 15, 1916, American political scientist, economist, sociologist, psychologist, and computer scientist Herbert Alexander Simon was born. Simon was among the founding fathers of several of today’s important scientific domains, including artificial intelligence, information processing, decision-making, problem-solving, organization theory, complex systems, and computer simulation of scientific discovery. With almost a thousand highly cited publications, he was one of the most influential social scientists of the 20th century. “(If) there were no…
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Andrey Markov and the Markov Chains

Andrey Markov and the Markov Chains

On June 14, 1856, Russian mathematician Andrey (Andrei) Andreyevich Markov was born. He is best known for his work on stochastic processes. A primary subject of his research later became known as Markov chains and Markov processes, i.e. sequences of random variables in which the future variable is determined by the present variable but is independent of the way in which the present state arose from its predecessors. Markov Chains I guess, as…
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Clarence Mackay connected the World

Clarence 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 via the…
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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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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. “In our time mathematics has penetrated into economics so solidly, widely and variously, and the chosen theme is connected with such a variety of facts and problems that it brings us to cite the words of Kozma Prutkov…
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Robert Bosch – Inventor for Life

Robert Bosch – Inventor for Life

On March 12 1942, Robert Bosch passed away. Robert Bosch was a German industrialist, engineer and inventor, and founder of Robert Bosch GmbH. “I do not pay good wages because I have a lot of money; I have a lot of money because I pay good wages.” — Robert Bosch Early Years Robert Bosch was born among twelve siblings on September 23, 1861 near the city of Ulm, Germany. His parents Servatius…
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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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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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Michael Polanyi’s Criticism on Positivism

Michael Polanyi’s Criticism on Positivism

On March 11, 1891, Hungarian-British polymath Michael Polanyi was born. Polanyi made important theoretical contributions to physical chemistry, economics, and philosophy. He argued that positivism supplies a false account of knowing, which if taken seriously undermines humanity’s highest achievements. “When order is achieved among human beings by allowing them to interact with each other on their own initiative — subject only to the laws which uniformly apply to all of them —…
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