What possible role can the individual inventor play today? Do Now What possible role can the individual inventor play today? What about the role of the entrepreneur? How are the patterns similar between today and during the second industrial revolution?

How did America surge forward from 1865 to 1910? Natural Resources Large Workforce Technology Good government

Alexander Bell’s telephone What technologies shaped the history of the United States between 1865 and 1910? Communication Alexander Bell’s telephone Field’s telegraph cable across the Atlantic 1866 Shole’s typewriter.

Field’s Transatlantic Telegraph Line Speed of Light Communication

Technologies 1865 to 1910 Transportation Westinghouse’s air-brake system Duryea brothers' gasoline-powered automobile [Ford comes later] Wright brothers' first successful motorized flight https://www.youtube.com/watch?v=RriKI7u72Xs

Technologies 1865 to 1910 Daily Life Edison: light bulb, phonograph Eastman: camera Matzeliger: Shoe lasting machine Edison https://www.youtube.com/watch?v=HQ2RJC1a8T0 Matzeliger https://www.youtube.com/watch?v=X_yNv2ab9i4

What economic choices did America make? • Laissez-faire (“let people do as they choose”) is based on private enterprise, not government regulation. (Who benefited?) • Tariffs brought income to the nation. (Too high? Lower them. Adjust to market forces.) • By the early 1900s, the United States was one of the largest free-trade areas in the world. Adam Smith. Invisible Hand.

Why do economists refer to Adam Smith as the “father of economics”? The Scotsman, Adam Smith, demonstrated that a nation’s wealth comes from production and commerce, not merely supplies of gold and silver in vaults. He explained “gross national product.” He described division of labor (each person in the pin factory did a specific job) as the fundamental path to economic success. He described the free market economy as succeeding due to the beneficial force of the “invisible hand.” Each selfish business operator benefits society. t