terça-feira, 9 de agosto de 2022

Industrial revolution

 Vernon L. Smith

James Watt was prominent in these early innovations. He was a young 22 year-old genus who was denied the right to open a shop in Glasgow as an instrument maker, so Adam Smith, Dean of Faculty at the time at Glasgow U., exercised the University’s right to found his laboratory shop and make him Mathematical instrument maker for the U., where Watt did all his early work on Heat physics and applications. Watt left eventually and developed a couple hundred or so patents. (He for example invented the first text copying machine) Many others emulated his career and style. His support of Watt was a practical example of Smith’s idea that merit should replace privilege in commercial as well as academic positions.

"What today we’d characterize as extreme poverty was until a few centuries ago the condition of almost every human on Earth." - About 200 years ago, the world started getting rich. Why? #HumanProgress

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