Combine something enjoyable like a strawberry with a color that connects to high tech. Then add the one letter that has a “reliable” sound in most languages and what do you get?
Actually, the Blackberry might have been called the MegaMail. However, its creators soon discovered that just thinking about an avalanche of emails made consumers cringe. Telling the story behind the name Blackberry, Intel’s Pentium chip, Apple’s Powerbook and beyond, this New Yorker article wonderfully describes the art and science of naming.
You also might look here to see why certain names and ideas “stick.”
The Economic Lesson
In his Wealth of Nations and Theory of Moral Sentiments, indeed, throughout thousands of pages, economic philosopher Adam Smith (1723-1790) was said to have referred to the “invisible hand” only 3 times. And yet, his description of how the market economy’s participants coordinate their behavior has “stuck” for hundreds of years.
An Economic Question: In each of the 4 basic market structures–perfect competition, monopolistic competition, oligopoly and monopoly–is the impact of a good name different?
Playing Scrabble in a bar, Canadian journalist Chris Haney and a sports reporter friend thought they could do better. Within an hour, during December, 1979, the two created the idea for Trivial Pursuit and drew an initial version of the game board on bar room napkins. Haney focused on writing the first 6,000 questions for the game, they secured financing by gathering a group of small investors, and the game was launched in 1981. In 2008, Hasbro bought Trivial Pursuit for $80 million. 59 years old, Chris Haney died on May 31.
The Economic Lesson
The Chris Haney story started me thinking about the market system. Seemingly chaotic, only Adam Smith’s “invisible hand” gives instructions. The “invisible hand” tells businesses to make profits through the goods and services they produce. At the same time, it instructs consumers to purchase what they want and need at the lowest prices. Winding up as supply and demand, the two intersect and answer the three basic economic questions: What should be produced? How should goods and services be produced? Who should receive the income generated by production? Indeed, the “invisible hand” propelled Chrs Haney.