The stock market crash - and after

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Monograph

Identifikator:: 1815583320

URN:: urn:nbn:de:zbw-retromon-204544

Document type:: Monograph

Author:: Fisher, Irving http://d-nb.info/gnd/118533541

Title:: The stock market crash - and after

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1930

Scope:: XXVI, 286 S.; graph. Darst

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter VIII. Scientific Research and Invention

Collection:: Economics Books

Scientific Research and Invention 133 power cheaply. The farms and small towns were part of the vast American hinterland, isolated, bucolic, remote from the currents of progress. Civi- lization was based on power, but it was distinctly urban. Up to twenty years ago the burden of the world’s work had, it is true, been largely shifted from the backs of men to machines by power gen- erated by the burning of fuel or the force of water- falls. Then came mobile electric transmission. Along with it came the speeding of transportation of men and materials on railroads and by means of automobiles. A vast accession of usable power, accelerating every business transaction and means of human intercourse, is now being distributed at the point where it can be used most economically. It is spread more evenly over the land, relieving congestion in one place, remedying sparseness in another. Distributable electric power travels with lightning speed. Qualities by which it quickens decentralizing tendencies in our industries are defined by Owen D. Young, as mobility, divisibility, applicability, and reliability. President Glenn Frank, of the Univer- sity of Wisconsin, contrasts its advantages with steam ‘power in these words: “In a machine civiliza- tion created by steam power, the worker must go to the power; but in a machine civilization created by electric power, the power can be taken to the worker.” The late Guy E. Tripp, Chairman of the Board of the Westinghouse Electric Company, was one of

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