Induction Motors“Intelligent people tend to have less friends than the average person.” Nikola Tesla There are two types of electricity, Direct Current (AC) and Alternating Current (AC). Vastly simplifying, in DC electrical systems the current flows in one direction, like current in a stream. This makes designing certain appliances easier; the motor turns in the direction … Continue reading "Induction Motors"
InsuranceInsurance – paying to spread risk – is an ancient practice. Modern insurance, where businesses specifically focus on assuming the risk of loss for a third-party is a more modern practice. The Hamburger Feuerkasse (Hamburg Fire Office) opened in 1676. Fire insurance spread throughout Europe. Eventually, Lloyd’s of London popularized shipping insurance, where people willing … Continue reading "Insurance"
Optical Character Recognition (OCR)Optical Character Recognition (OCR) technology increases productivity and decreases cost by alleviating the need for humans to type printed information into computers. It also reduces the risk of typos. David Shepherd’s OCR machine was used in few places. Most notably, Reader’s Digest used it to manage subscription information, transforming printed material to punch cards. Other … Continue reading "Optical Character Recognition (OCR)"
Controlled Drug DeliveryControlled drug delivery is a simpler and more convenient way to slowly release drugs than taking low-dose pills or injections at frequent intervals. Additionally, it also lowers the risk of incorrect dosage. Zaffaroni invented controlled (slow) release drugs, mimicking the way the body releases hormones. Eventually, he created many pharma companies that went on to … Continue reading "Controlled Drug Delivery"
Stock ExchangeLike insurance, regulated stock exchanges opened the door to high-quality stock offerings which allowed businesses to procure financing. That both lowered the cost of capital and also spread both the risk and returns of an investment to a wider group of people. The Antwerp, formed in 1531, traded what today is called of government debt … Continue reading "Stock Exchange"
Automatic Automobile TransmissionAutomatic transmissions lower the complexity of driving, removing a barrier of entry. They also allow drivers to focus on the road rather than worries about shifting gears. Automatics vastly simplify driving though, in many countries, drivers who take their test with an automatic transmission may only drive using automatic transmission. Thomas Sturtevant’s automatic transmission system, … Continue reading "Automatic Automobile Transmission"
Planned Communities / Cookie-Cutter SuburbsLevitt produced inexpensive homes. He subcontracted building parts of the home to specialists who would do the same work repeatedly, from house to house. His methods reduced costs and increased quality: a standardized parts assembly line for houses. Levitt’s methods were copied with cookie-cutter style suburbs dotting the US especially, where people have limited choices … Continue reading "Planned Communities / Cookie-Cutter Suburbs"
Automation: Robots in Real LifePart I, “Automation Armageddon: a Legitimate Worry?” reviewed the history of automation, focused on projections of gloom-and-doom. “It smells like death,” is how a friend of mine described a nearby chain grocery store. He tends to exaggerate and visiting France admittedly brings about strong feelings of passion. Anyway, the only reason we go there is … Continue reading "Automation: Robots in Real Life"
Traffic SignalA manually-controlled gas-powered light-switch on London Bridge was the first traffic signal. It was never popular and, in 1869, exploded and hurt the policeman controlling the switch. Subsequently, there were countless versions of semaphore lights to control traffic. None gained commercial acceptance. Morgan, who invented the gas mask, also invented and patented the modern traffic … Continue reading "Traffic Signal"
Archie McCardell: Worst CEO EverArchie McCardell is the worst CEO in history. Sure, there are CEO’s who committed crimes, CEO’s who bankrupt their businesses, and CEO’s who looted their businesses. There are crooks, those who hire cronies, people who paid bribes, plenty who demanded sex or servitude, and countless sociopaths. In fairness to him, Archie did none of these … Continue reading "Archie McCardell: Worst CEO Ever"
Antibiotics“I did not invent penicillin. Nature did that. I only discovered it by accident.” Sir Dr. Alexander Fleming Few medical discoveries impacted life expectancy and quality of life more than antibiotics. Before their discovery, simple wounds were often fatal. For example, during the US Civil War, most soldiers eventually died from infection, not from their … Continue reading "Antibiotics"
Stock Ticker / Ticker TapeBoth the ticker and ticker tape lowered the cost of transmitting stock prices by eliminating the need for a person to translate them to and from Morse Code. Subsequently, this innovation served as a bridge from specialists required to send and receive telegraph messages to plain-text transmissions. Edward Calahan saw people rushing from the floor … Continue reading "Stock Ticker / Ticker Tape"
Solar CellsSolar Cells produce electricity from sunlight. Early History In 1873 and 1874, scientists noticed that selenium reacted with light to produce electricity. During the 1870s William Adams and Richard Day proved that light plus selenium generated current. Eventually, famous German scientist Werner von Siemens (founder of Siemens) was excited about the possibility of solar cells … Continue reading "Solar Cells"
Index Investment Funds“Don’t look for the needle in the haystack. Just buy the haystack!” Index investment funds are simpler and vastly less expensive than individual stock picking. Firms mimic index funds which, themselves, are created to mimic market strength. Not only do 85 percent of hedge fund managers trail returns in the S&P 500 but also they … Continue reading "Index Investment Funds"
Steel ShipsWooden ships were limited in size and their hulls could be more easily penetrated than metal ships during war. Ironclad ships reduced the cost and risk of shipping by enabling larger ships that were more difficult to sink. The first known ironclad warship was The Nemesis, built for the East India Company, in 1839. Soon, … Continue reading "Steel Ships"
