Fifty Inventions That Shaped the Modern Economy —-the plow, infant formula, TV dinners, iPhone, the elevator, paper, passports, shipping containers, market research, double-entry bookkeeping, department stores…not your typical inventions.
How Inventions Shaped the Modern Economy
Fifty Inventions That Shaped the Modern Economy
Fifty Inventions That Shaped the Modern Economy
was not quite what I expected. I’m not sure what I expected, but it wasn’t this. But it was sure a pleasant surprise. I’ve read a few books on inventions that shaped the world, but this book was not like those ones.
This book reminded me of the importance of delving deeper, going below the surface. Many of the 50 inventions that Tim Harford presented were unexpected, but they made sense when you read what he had to say. He focuses on the 50 most economically significant inventions.
Let’s Talk Plows
Take for instance, the plow, who ever thinks about this tool as an invention? But it kickstarted modern civilization. People could produce food plentifully by farming. They no longer had to be hunters and gatherers. With climate change upon us, who will invent the new ‘plow’ to kickstart the new iteration of modern civilization?
Inventions Can Change Lives
New ideas often shift the balance of economic power. In 1997, the year Steve Jobs returned to Apple Inc, the company was on the brink of bankruptcy. Bill Gates stepped in and invested $150 million in the company’s stock. Since then, Apple has introduced the iPod, iTunes store, iPhone, iPad, Apple Watch, Apple TV, and so on. Now the company is worth $1 Trillion.
I’m not going to write about the 50 inventions, but I’ll write about a few of them to give you some insights and context around the author’s approach. One of the things he emphasized, which is important today, is that with any new technology, there are winners and losers. There is sometimes a lot of fearmongering in the media about job losses as a result of the introduction of new technology. It’s important to understand the lay of the land, so that you can do something about it.
Yes, there are winners and losers. But you can take steps to make sure that you’re in the winners’ circle. What changes can you start making now to fully utilize new technology? Ignorance is not bliss. Knowledge is not power, unless you apply it.
Inventions and Broader Systems
An important point that Harford makes, is that most inventions are part of a broader system. And he answers the question, “How does an older invention help the adoption of a new invention?” For instance, the elevator is part of a broader system of urban design says Harford. He likens the invention to mass transportation. But when you think of it, that makes sense. The elevator moves a lot of people in a day.
How would people get to the top of a 100-floor building? You may be thinking take the stairs, but what about those in a wheelchair or other mobility devices like a walker or even a cane. The invention of safe, modern-day elevators would not have been possible without the invention of reinforced steel and cement, as well as air conditioning.
These are not things that a typical person thinks about. However, Harford brings them to our attention, forcing us to think about them.
Most of you know that the pill gave women control over their reproductive rights, helping to prevent unwanted pregnancies. But what may not be top-of-mind is how it allowed more women to get a higher education. They didn’t have to abandon their degrees mid-course because they got pregnant. Many women used the pill to delay having children, so they could attend college and university and establish a career. Some may think this is a good thing, while others may think not so.
Let’s Talk about Paper
Most people would say that the Gutenberg printing press was one of the greatest inventions. And it was. Religious leaders could no longer control information since people could now read books for themselves.
Martin Luther’s 95 Theses went viral because of the printing press. This led to reformation over 500 years ago. But the printing press wouldn’t have been a viable invention without the invention of paper.
Harford enters into a worthwhile discussion about who invented the printing press and who invented paper. You’ll learn a lot of new information from this section of the book.
Have you read?
Review of Martin Luther’s 95 Theses
Martin Luther – Religious Reformer and Symbol of Protestantism
Paper has so many uses today – packaging, covering walls, wrapping presents, shopping bags, toilet paper, to create art, and so on. I’m sure you can think of many uses for paper.
When Inventions go Wrong
Infant formula allowed women to return to the workplace faster, after having a baby. And TV dinners allowed women to do other things besides spending all day in the kitchen preparing and cooking meals. But along the way, some corporations started to put profits before people. They no longer used the healthiest and most nutritious ingredients in their products. In some countries, infant formula makes children critically ill. What happens when a good invention goes bad?
Today, with the convenience of appliances – food processors, slow cookers, Instant Pots -women can make healthy meals for themselves and their families. You control what goes into the meals you prepare. And there are tons of cookbooks to get recipe ideas.
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Final Thoughts on Fifty Inventions That Shaped the Modern Economy by Tim Harford
Fifty Inventions That Shaped the Modern Economy was a fun book to read and very enlightening. I recommend that you read it for yourself. There are many of the 50 inventions that shaped the modern economy that I haven’t talked about. You’ll learn interesting things, but the most important thing is,Tim Harford makes you think.
- What can you do with this new information?
- What are two or more technologies you can integrate into your business that could be a game-changer?
And the inventions don’t have to be big ones.
I’ll close with a quote about progress!
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