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Oskar Morgenstern and the Game Theory

Oskar Morgenstern and the Game Theory

Harald Sack
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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philosophy
Michael Polanyi’s Criticism on Positivism

Michael Polanyi’s Criticism on Positivism

Harald Sack
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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mathematics
Frank P. Ramsey and the Ramsey Theory

Frank P. Ramsey and the Ramsey Theory

Harald Sack
On February 22, 1903, precocious British philosopher, mathematician and economist Frank Plumpton Ramsey was born. Although he died already at age 26, he had made significant contributions to logic, philosophy of mathematics, philosophy of language and decision theory. He remains noted for his Ramsey Theory, a mathematical study of combinatorial objects in which a certain degree of order must occur as the scale of the object becomes large. “The first problem I…
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economics
The Burst of the Tulip Bubble

The Burst of the Tulip Bubble

Harald Sack
On February 3, 1637, in Haarlem, Netherlands, the tulip bulb contract prices collapsed abruptly and the trade of tulips ground to a halt. This should put an end to the ‘Tulip Mania‘, one of the first economic bubbles to burst. You see, financial crisis is not an invention of modern times. Already in the 17th century, in the early age of baroque, people went crazy for a good that was short of…
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economics
Eureka! – California and the 1848 Gold Rush

Eureka! – California and the 1848 Gold Rush

Harald Sack
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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economics
Charles Dow and his Famous Stock Index

Charles Dow and his Famous Stock Index

Harald Sack
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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philosophy
Liberty vs. Authority according to John Stuart Mill

Liberty vs. Authority according to John Stuart Mill

Harald Sack
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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social science
Max Weber – one of the Founders of Sociology

Max Weber – one of the Founders of Sociology

Tabea Tietz
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 [3] and Karl Marx,[4] as among the three founders of sociology. “The capacity to distinguish between empirical knowledge and value-judgments, and the fulfillment of the scientific duty to see the factual truth as well as the practical duty to stand up for…
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economics
Henry Charles Carey and his Influence on U.S. Economy

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

Tabea Tietz
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 Born in Philadelphia, Pennsylvania, 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…
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engineering
Emil Rathenau and the German Electrical Industry

Emil Rathenau and the German Electrical Industry

Tabea Tietz
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 Rathenau – Family and Early Life Emil Moritz Rathenau…
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