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A photograph shows Thomas Edison in a brightly lit workroom. Beside him is a table holding an incandescent light bulb.
Thomas Alva Edison was the quintessential inventor of the era, with a passion for new ideas and over one thousand patents to his name. Seen here with his incandescent light bulb, which he invented in 1879, Edison produced many inventions that subsequently transformed the country and the world.

In 1879, Edison invented the item that has led to his greatest fame: the incandescent light bulb. He allegedly explored over six thousand different materials for the filament, before stumbling upon tungsten as the ideal substance. By 1882, with financial backing largely from financier J. P. Morgan, he had created the Edison Electric Illuminating Company, which began supplying electrical current to a small number of customers in New York City. Morgan guided subsequent mergers of Edison’s other enterprises, including a machine works firm and a lamp company, resulting in the creation of the Edison General Electric Company in 1889.

The next stage of invention in electric power came about with the contribution of George Westinghouse. Westinghouse was responsible for making electric lighting possible on a national scale. While Edison used “direct current” or DC power, which could only extend two miles from the power source, in 1886, Westinghouse invented “alternating current” or AC power, which allowed for delivery over greater distances due to its wavelike patterns. The Westinghouse Electric Company delivered AC power, which meant that factories, homes, and farms—in short, anything that needed power—could be served, regardless of their proximity to the power source. A public relations battle ensued between the Westinghouse and Edison camps, coinciding with the invention of the electric chair as a form of prisoner execution. Edison publicly proclaimed AC power to be best adapted for use in the chair, in the hope that such a smear campaign would result in homeowners becoming reluctant to use AC power in their houses. Although Edison originally fought the use of AC power in other devices, he reluctantly adapted to it as its popularity increased.

Not all of Edison’s ventures were successful. Read about Edison’s Folly to learn the story behind his greatest failure. Was there some benefit to his efforts? Or was it wasted time and money?

Section summary

Inventors in the late nineteenth century flooded the market with new technological advances. Encouraged by Great Britain’s Industrial Revolution, and eager for economic development in the wake of the Civil War, business investors sought the latest ideas upon which they could capitalize, both to transform the nation as well as to make a personal profit. These inventions were a key piece of the massive shift towards industrialization that followed. For both families and businesses, these inventions eventually represented a fundamental change in their way of life. Although the technology spread slowly, it did spread across the country. Whether it was a company that could now produce ten times more products with new factories, or a household that could communicate with distant relations, the old way of doing things was disappearing.

Communication technologies, electric power production, and steel production were perhaps the three most significant developments of the time. While the first two affected both personal lives and business development, the latter influenced business growth first and foremost, as the ability to produce large steel elements efficiently and cost-effectively led to permanently changes in the direction of industrial growth.

Questions & Answers

Ayele, K., 2003. Introductory Economics, 3rd ed., Addis Ababa.
Widad Reply
can you send the book attached ?
Ariel
?
Ariel
What is economics
Widad Reply
the study of how humans make choices under conditions of scarcity
AI-Robot
U(x,y) = (x×y)1/2 find mu of x for y
Desalegn Reply
U(x,y) = (x×y)1/2 find mu of x for y
Desalegn
what is ecnomics
Jan Reply
this is the study of how the society manages it's scarce resources
Belonwu
what is macroeconomic
John Reply
macroeconomic is the branch of economics which studies actions, scale, activities and behaviour of the aggregate economy as a whole.
husaini
etc
husaini
difference between firm and industry
husaini Reply
what's the difference between a firm and an industry
Abdul
firm is the unit which transform inputs to output where as industry contain combination of firms with similar production 😅😅
Abdulraufu
Suppose the demand function that a firm faces shifted from Qd  120 3P to Qd  90  3P and the supply function has shifted from QS  20  2P to QS 10  2P . a) Find the effect of this change on price and quantity. b) Which of the changes in demand and supply is higher?
Toofiq Reply
explain standard reason why economic is a science
innocent Reply
factors influencing supply
Petrus Reply
what is economic.
Milan Reply
scares means__________________ends resources. unlimited
Jan
economics is a science that studies human behaviour as a relationship b/w ends and scares means which have alternative uses
Jan
calculate the profit maximizing for demand and supply
Zarshad Reply
Why qualify 28 supplies
Milan
what are explicit costs
Nomsa Reply
out-of-pocket costs for a firm, for example, payments for wages and salaries, rent, or materials
AI-Robot
concepts of supply in microeconomics
David Reply
economic overview notes
Amahle Reply
identify a demand and a supply curve
Salome Reply
i don't know
Parul
there's a difference
Aryan
Demand curve shows that how supply and others conditions affect on demand of a particular thing and what percent demand increase whith increase of supply of goods
Israr
Hi Sir please how do u calculate Cross elastic demand and income elastic demand?
Abari
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Source:  OpenStax, U.s. history. OpenStax CNX. Jan 12, 2015 Download for free at http://legacy.cnx.org/content/col11740/1.3
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