(Roughly) Daily

Posts Tagged ‘innovation

“He read “Principles of Accounting” all morning, but just to make it interesting, he put lots of dragons in it”*…

 

720px-Pacioli

“Portrait of Luca Pacioli [the father of double-entry accounting] with a student”

You’ve never heard of Yuji Ijiri. But back in 1989 he created something incredible.

It’s more revolutionary than the cotton gin, the steam engine, the PC and the smart phone combined.

When people look back hundreds of years from now, only the printing press and the Internet will have it beat for sheer mind-boggling impact on society. Both the net and the printing press enabled the democratization of information and single-handedly uplifted the collective knowledge of people all over the world.

So what am I talking about? What did Ijiri create that’s so amazing?

Triple-entry accounting.

Uh, what?

Yeah. I’m serious.

But don’t feel bad if you slept through the revolution. It wasn’t televised or posted on Reddit. When Professor Ijiri died in 2017, most people didn’t catch his obituary. His most famous book, Momentum Accounting & Triple-Entry Bookkeeping, has a grand total of zero reviews on Good Reads. So you’re not alone if you missed it…

Dan Jeffries at Hacker Noon does a wonderful, engaging job of telling this remarkable story– and of explaining why his claim of importance may not be hyperbolic at all: “Why Everyone Missed the Most Important Invention in the Last 500 Years.”

* Terry Pratchett, Wintersmith

###

As we don our green eye shades, we might recall that it was on this date in 1995 that the longest federal government shutdown in US history took place under former President Bill Clinton while Republicans, led by Speaker Newt Gingrich, controlled both houses of Congress.  It lasted over three weeks, until January 6, 1996.

clinton gringrich source

 

Written by LW

December 15, 2018 at 1:01 am

“A firm’s income statement may be likened to a bikini- what it reveals is interesting but what it conceals is vital”*…

 

41052602860_a889faa191_z

A recent (Roughly) Daily noted (by way of a quote from James Surowiecki) that “the challenge for capitalism is that the things that breed trust also breed the environment for fraud.”  A painful recent example was, the failure of credit ratings agencies honestly to assess the risk of derivatives being traded against home mortgages, which contributed mightily to the crash that occasioned The Great Recession.

But, as Richard Brooks argues, there’s a bigger and more pervasive problem still lurking:  accountancy used to be boring – and safe.  Today it’s neither.  Have the ‘big four’ firms become too cosy with the system they’re supposed to be keeping in check?  Are we in for Enron all over again, only this time on the financial system-wide basis?

The demise of sound accounting became a critical cause of the early 21st-century financial crisis. Auditing limited companies, made mandatory in Britain around a hundred years earlier, was intended as a check on the so-called “principal/agent problem” inherent in the corporate form of business. As Adam Smith once pointed out, “managers of other people’s money” could not be trusted to be as prudent with it as they were with their own. When late-20th-century bankers began gambling with eye-watering amounts of other people’s money, good accounting became more important than ever. But the bean counters now had more commercial priorities and – with limited liability of their own – less fear for the consequences of failure. “Negligence and profusion,” as Smith foretold, duly ensued.

After the fall of Lehman Brothers brought economies to their knees in 2008, it was apparent that Ernst & Young’s audits of that bank had been all but worthless. Similar failures on the other side of the Atlantic proved that balance sheets everywhere were full of dross signed off as gold. The chairman of HBOS, arguably Britain’s most dubious lender of the boom years, explained to a subsequent parliamentary enquiry: “I met alone with the auditors – the two main partners – at least once a year, and, in our meeting, they could air anything that they found difficult. Although we had interesting discussions – they were very helpful about the business – there were never any issues raised.”

This insouciance typified the state auditing had reached. Subsequent investigations showed that rank-and-file auditors at KPMG had indeed questioned how much the bank was setting aside for losses. But such unhelpful matters were not something for the senior partners to bother about when their firm was pocketing handsome consulting income – £45m on top of its £56m audit fees over about seven years – and the junior bean counters’ concerns were not followed up by their superiors.

Half a century earlier, economist JK Galbraith had ended his landmark history of the 1929 Great Crash by warning of the reluctance of “men of business” to speak up “if it means disturbance of orderly business and convenience in the present”. (In this, he thought, “at least equally with communism, lies the threat to capitalism”.) Galbraith could have been prophesying accountancy a few decades later, now led by men of business rather than watchdogs of business…

A chilling, but important report: “The financial scandal no one is talking about.”

* Burton G. Malkiel

###

As we count beans, we might recall that it was on this date in 1873 that Samuel Clemens (the author known as Mark Twain) received a U.S. patent, his second, for a self-pasting scrapbook (No. 140,245).  His creation used a dried adhesive on its pages so that users need only moisten a page in order to attach pictures.

In 1871, Clemens had scored his first patent, for “an Improvement in Adjustable and Detachable Straps for Garments”–an adjustable strap that could be used to tighten shirts at the waist that was later used on women’s corsets, and is considered by many to be the precursor of the adjustable bra strap.  He earned his third patent in 1875 for a history trivia game,“Mark Twain’s Memory-Builder Game.”

 source

 

Written by LW

June 24, 2018 at 1:01 am

“Exploring pi is like exploring the universe”*…

 

pi

 

Pi is an infinite string of seemingly random numbers, but if you break down the first 1000 digits of Pi according to how many times each number from 0 to 9 appears, they’re all just about equal — with 1 being the outlier at 12% (although we wonder if they’d all average to ~10% given enough digits of Pi)…

More at “Visualizing The Breakdown Of The Numbers In The First 1000 Digits Of Pi Is Fascinating.”

* David Chudnovsky

###

As we watch it even out in the end, we might spare a thought for Hannah Wilkinson Slater; she died on this date in 1812. The daughter and the wife of mill owners, Ms. Slater was the first woman to be issued a patent in the United States (1793)– for a process using spinning wheels to twist fine Surinam cotton yarn, that created a No. 20 two-ply thread that was an improvement on the linen thread previously in use for sewing cloth.

A waxen Hannah, at the Slaters’ Mill Museum in Pawtucket, RI

source

 

 

Written by LW

October 2, 2017 at 1:01 am

“Baking is therapy”*…

 

Royal Baking Powder Exhibit at the International Exhibition in Philadelphia, 1876. Note the “Absolutely Pure” tagline.

How much thought have you, over the course of your entire life, given to the subject of baking powder? Personally I can say perhaps 30 minutes—that is, until I noticed the existence of food historian Linda Civitello’s Baking Powder Wars: The Cutthroat Food Fight that Revolutionized Cooking. Sorry; come again?

This humble kitchen staple, not infrequently confused with baking soda and practically invisible, is apparently responsible for the fact you don’t have to spend all damn day making bread. Civitello argues that the invention of baking powder was a game-changer, a wildly labor-saving creation that frequently eliminated the necessity of maintaining your own little cache of yeast and made it possible to create all sorts of delicious goodies, from fluffy modern biscuits to birthday cake. Before baking powder, “You’re talking upwards of 12 hours of rising, usually more like 24 hours,” Jessica Carbone, a scholar in the National Museum of American History’s Food History Project, told Smithsonian magazine. Women spent the 19th century learning to use the stuff; cookbooks frequently offered recipes with and without.

But the market was also fiercely contested. Different companies had slightly different variations on a substance that did basically the same thing, leaving them to compete via other means. And they certainly did. Royal Baking Powder, which used cream of tartar, took the tagline “Absolutely Pure,” meant as an indictment of powders made with alum. The company played on consumer fears of adulterated food, Baking Powder Wars recounts, even lobbying to have alum varieties banned. And believe it or not, in Missouri, they succeeded—via bribery in the state Senate, according to the book. When the era’s muckrakers found out, it erupted into an enormous scandal…

The fascinating– and vicious– history of a kitchen staple: “Who Knew? The History of Baking Powder Is Incredibly Dramatic.”

* Paul Hollywood

###

As we pop it into the oven, we might send finely-sifted birthday greetings to Oliver Evans; he was born on this date in 1755.  An inventor, engineer and businessman, he was one of the most prolific and influential inventors in the early years of the United States– a pioneer in the fields of automation, materials handling and steam power (for the lattermost of which, he is often referred to as “the American Watt”).

But before he turned to steam, Evans designed the first automatic flour mill.  He replaced labor-intensive grist mills with a mechanism in which grain moved automatically through a series of five machines to deliver flour packed in barrels at the end.

 source

 

Written by LW

September 13, 2017 at 1:01 am

“Behold the child, by Nature’s kindly law pleased with a rattle, tickled with a straw”*…

 

The plastic straw is a simple invention with relatively modest value: For a few moments, the device helps make beverages easier to drink. And then, due to reasons of sanitation and ease of use, the straws are thrown away, never to be seen again.

Except, of course, the straw you use in your iced coffee doesn’t biodegrade, and stays around basically forever, often as ocean junk. That, understandably, is leading to chatter around banning plastic straws—notably in Berkeley, California, often the first place to ban anything potentially damaging to the environment.

And while the rest of the world won’t be banning straws anytime soon, maybe they should start thinking about it, because the problem with straws is one of scale. According to National Geographic, Americans use 500 million straws every single day—more than one per person daily…

Whence this waste? “A Brief History of the Modern-Day Straw, the World’s Most Wasteful Commodity.”

[Your correspondent highly recommends Tedium, the original source of this piece.]

* Alexander Pope

###

As we suck it up, we might recall that it was on this date in 1869 that  Hippolyte Mège-Mouriès patented margarine, the creation with which he won the contest held by Emperor Napoleon III to find a substitute for the butter used by the French Navy.

A rough contemporary of Jules Verne, Mège-Mouriès was surely one of the reasons for Verne’s scientific and technical optimism:  Mège-Mouriès began his career at age 16 as a chemist’s assistant. By the 1840’s he had improved the syphilis drug, Copahin, after which he patented a variety of creations including tanning, effervescent tablets, paper paste, and sugar extraction.  By the 1850s he had turned to food research and developed a health chocolate (featuring a proprietary calcium phosphate protein) and developed a method that yielded 14% more white bread from a given quantity of wheat.  After 1862, he concentrated his research on fats– the primary product of which was his invention of margarine (though he also scored yet another another patent, for canned meat).

 source

 

Written by LW

July 15, 2017 at 1:01 am

“What was the best thing before sliced bread?”*…

 

Rohwedder’s bread slicer in use by the Papendick Bakery Company in St. Louis

source

Some products are so ubiquitous that it can feel as if they were never invented at all.

Take sliced bread. Around 130 years ago,  the idea of buying a pre-sliced loaf would have been met with confusion, writes Jesse Rhodes for Smithsonian Magazine. “In 1890, about 90 percent of bread was baked at home, but by 1930, factories usurped the home baker,” Rhodes writes. But the two breads weren’t the same thing–”factory breads were also incredibly soft,” she writes, making them difficult to slice properly at home with a bread knife.

Since breadmaking had moved to factories, why not bread slicing as well? On this day in 1928, in Chillicothe, Missouri, the Chillicothe Baking Company became, in the words of its plaque, “The Home of Sliced Bread.” It was the place where the bread-slicing machine was first installed, wrote J. J. Thompson for Tulsa World in 1989. Thompson was speaking with the son of the bread-slicing machine’s inventor, Richard O. Rohwedder. His father, Otto F. Rohwedder, was a jeweler who started work on the bread-slicing project years before…

 source

It took a surprising amount of technological know-how to make the bread that birthed the expression: “Take a Look at the Patents Behind Sliced Bread.”

* George Carlin

###

As we reach for the PB and J, we might recall that it was on this date in 1868 that Alvin J. Fellows patented his Improvement in Tape Measures– the first spring-click (retractable) tape measure.

 source

 

Written by LW

July 14, 2017 at 1:01 am

“I say it’s all like cellophane”*…

 

Don’t feel bad if you haven’t spent much time considering cellophane. It’s deliberately transparent, after all. You’re meant to consider whatever it’s wrapping instead.

Yet, it turns out that cellophane has a story worth telling. A new research paper exposes the historical significance of the packaging material, focusing on its key role in the development of self-service merchandising systems in American grocery stores, but also revealing how cellophane manufacturers tried to control the narrative of how women buy food…

Unwrap the story at “How Cellophane Changed the Way We Shop for Food“; then read the paper on which it it based, Ai Hisano’s “Cellophane, the New Visuality, and the Creation of Self-Service Food Retailing.

* Kurt Vonnegut Jr., Breakfast of Champions

###

As we see through it, we might spare a sweet thought for Aaron “Bunny” Lapin; he died on this date in 1999.  In 1948, Lapin invented Reddi-Wip, the pioneering whipped cream dessert topping dispensed from a spray can.  First sold by milkmen in St. Louis, the product rode the post-World War Two convenience craze to national success; in 1998, it was named by Time one of the century’s “100 great consumer items”– along with the pop-top can and Spam.  Lapin became known as the Whipped Cream King; but his legacy is broader:  in 1955, he patented a special valve to control the flow of Reddi-Wip from the can, and formed The Clayton Corporation to manufacture it.  Reddi-Wip is now a Con-Agra brand; but Clayton goes strong, now also making industrial valves, closures, caulk, adhesives and foamed plastic products (like insulation and cushioning materials).

source

source

 

 

Written by LW

July 10, 2017 at 1:01 am

%d bloggers like this: