Stainless Steel1913 Harry BrearleyW.H. Hatfield Stainless steel is strong and has high heat resistance, just like ordinary steel. It resists corrosion, it’s formable and weldable and, unlike regular steel, does not rust. It lowered the cost of everyday items. For example, rather than silver, tableware could be made from stainless steel. Stainless steel also lowered the … Continue reading "Stainless Steel"
Credit ReportingAccurate credit reporting vastly lowered the risk of lending and, with it, the cost of capital. Lewis Tappan Tappan was a strident Christian who did not believe in credit. His brother and he went bankrupt, twice. Tappan and brothers were busybodies, known to snoop and report on New York City gaming houses, brothels, and other … Continue reading "Credit Reporting"
Complementary Metal-Oxide-Semiconductor Chips (CMOS)The magical ability to power your mobile phone, tablet, and computer comes from a CMOS chip. These chips require minuscule amounts of power compared to other types of computer chips. They are as small or smaller than other types of chips. However, despite these advantages, it took decades for the technology to gain traction. Fairchild … Continue reading "Complementary Metal-Oxide-Semiconductor Chips (CMOS)"
Mass Market ElectricityEdison created the first public electric company, powered by DC, in 1882 in lower Manhattan. His system included generators, junction boxes, fuses, sockets, and parallel wiring. Since DC current could not be transmitted far Edison’s initial electrical plant was limited in scope. Eventually, there would be many small, expensive electricity plants scattered around major cities … Continue reading "Mass Market Electricity"
Paid Cable Television ChannelsBackground Charles Dolan was a cable TV pioneer who received a license to build a cable television system in lower Manhattan. Due to New York City restrictions, cables needed to run underground, vastly increasing the cost of the infrastructure. New Yorkers lacked enthusiasm. By 1971, Dolan only had 400 subscribers. To increase sales, Dolan eventually … Continue reading "Paid Cable Television Channels"
SecuritizationSecuritization enables income streams of pooled loans, reducing overall risk to lenders. This spreads the risk of both prepayments and defaults, lowering the cost of credit. Background Denmark created pooled mortgages, called covered bonds, in 1850. Switzerland followed in 1930. In 1970 US government pseudo-agency Ginnie Mae (GNMA) created the first securitized pool of home … Continue reading "Securitization"
Cash RegisterCash registers help deter theft and led to modern bookkeeping. Ritty was a saloon owner who had problems with employee theft. He invented and patented the cash register, calling it the “Incorruptible Cashier” and created a company to sell it. There was little interest and he tired of simultaneously running two businesses, one manufacturing and … Continue reading "Cash Register"
Difference EngineBabbage’s Difference Engine, funded by Lovelace, is the first modern mechanical computer. No sooner had he announced his idea than many declared it impractical or even a hoax. Engineers eventually built a working difference engine in 2002 proving Babbage’s ideas were viable, but the engineering processes of his time were inadequate. Presently, there are working … Continue reading "Difference Engine"
Facsimile (FAX) MachineAlexander Bain created a telegraph that transmitted light and dark dots that were reproduced on the other side, the fax machine, long before the telephone. Early faxes were popular with newspapers due to their ability to quickly transmit crude images. Countless modifications and improvements followed over the years. Despite the obvious differences in the innovation, … Continue reading "Facsimile (FAX) Machine"
Hybrid CornGenetic modification by people have produced virtually all plants and animals in the western world. Broccoli, cauliflower, cabbage, kale, kohlrabi, and brussels sprouts are all derived from a wild mustard plant in Europe. None of these vegetables exist but-for early genetic engineering. Similarly, all dogs, cows, pigs, sheep, and chickens are modern man-made creations. Scientists … Continue reading "Hybrid Corn"
TypewriterTypewriters vastly lower the cost of producing readable text. Before the typewriter people would have to either write carefully (slowly) or hire a calligrapher. Mill patented the first typewriter in 1714. Nothing more is known about him; he has disappeared into history. Christopher Sholes invented the QWERTY keyboard and typewriter ー the first commercially successful … Continue reading "Typewriter"
Condensing Steam EngineThe Watt condensing steam engine is widely viewed as the primary machine responsible for the Industrial Revolution. It enabled the use of engines anywhere, not only next to coal mines. Whereas factories before the Watt engines needed to be near high-volume streams, to derive power for water wheels, the Watt engine operated at a low … Continue reading "Condensing Steam Engine"
Autonomous Vehicles (Self-Driving Cars)DARPA, the US government agency that invented the internet (among other things) created a contest to build a self-driving car. The first DARPA Grand Challenge, in 2004, was a 150 mile (240 km. route). The robot-car that drove the furthest before breaking down, built by Carnegie-Mellon University (CMU), lasted 11.78km. Undeterred, DARPA tried again. Subsequently, … Continue reading "Autonomous Vehicles (Self-Driving Cars)"
StatinsStatins dramatically lower blood cholesterol, and the likelihood of heart attacks. Akira Endo discovered statins. Akira Endo & His Molds Endo is a Japanese researcher with a lifelong fascination related to fungi. Recalling that Fleming accidentally discovered penicillin, he theorized that fungi might hold other miracle drugs. Endo noted that Americans are much heavier than … Continue reading "Statins"
Chlorofluorocarbons “Freon”Freon is the brand name of a Chlorofluorocarbon gas. It replaced other refrigerant chemicals that were more toxic or volatile, including ammonia. Throughout the 20th century, Freon became the dominant refrigerant gas. The team that invented Freon was led by Thomas Midgley, Jr., who earlier had invented leaded gasoline. It was a joint venture between … Continue reading "Chlorofluorocarbons “Freon”"
