Posts Tagged ‘steam engine’

  • Invention, Profit and Economic Growth

    The Real Mother of Invention

    Oct 21, 12 • 225 Views • Businesses, Demand, Supply, and Markets, Economic History, Economic Thinkers, Innovation, Labor, Macroeconomic Measurement, UncategorizedNo Comments

    Saying that profit, not necessity is the mother of invention, economic historian John Steele Gordon starts his column in this week’s Barrons. His focus was the 18th century clipper ships that earned people like John Jacob Astor $50,000 for a single...