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Reinhard Selten – Game Theory and Experimental Economics

Reinhard Selten – Game Theory and Experimental Economics

Tabea Tietz
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). “I was always skeptical about authority, about things which were told by authorities, because I…
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economics
Jacques Necker and the Finances of France

Jacques Necker and the Finances of France

Tabea Tietz
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. “Only fools, pure…
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engineering
Matthew Boulton – Making the Steam Engine Business a Success

Matthew Boulton – Making the Steam Engine Business a Success

Harald Sack
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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aviation
The Aircraft Designs of Willy Messerschmitt

The Aircraft Designs of Willy Messerschmitt

Harald Sack
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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economics
From Agriculture to Sport Cars – Ferruccio Lamborghini

From Agriculture to Sport Cars – Ferruccio Lamborghini

Harald Sack
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. Early Years and World War 2 Ferruccio Lamborghini was born in Renazzo di Cento, in the Province of Ferrara, in the Emilia-Romagna region of Northern Italy, to…
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computer games
Heinz Nixdorf and his Microcomputers

Heinz Nixdorf and his Microcomputers

Harald Sack
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 for the…
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economics
Momofuko Ando and the Secret of Instant Noodles

Momofuko Ando and the Secret of Instant Noodles

Tabea Tietz
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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economics
Bernard Mandeville and the Fable of the Bees

Bernard Mandeville and the Fable of the Bees

Tabea Tietz
On November 15, 1670, Dutch philosopher, political economist and satirist Bernard Mandeville was born. He became famous for The Fable of the Bees, a satire that suggests many key principles of economic thought, including division of labor and the “invisible hand“, seventy years before these concepts were more thoroughly elucidated by Adam Smith. “They that examine into the Nature of Man, abstract from Art and Education, may observe, that what renders him…
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