Economist who observed that \'invention is the mother of necessity\' 1. Economis

Question

Economist who observed that 'invention is the mother of necessity' 1. Economist whose Principles of Economics marked the theoretical separation of politics and economics 2. Economies of throughput ('economies of speed') Economic historian who wrote The Visible Hand: The Managerial Revolution in American Business 3. Alfred Marshall Realizing lower costs by maintaining a high speed and volume of flow from raw materials to finished goods 4. Planned obsolescence First mover advantage The competitive edge a business gets from being the first to adopt a new technology which will become the standard 5. Thorstein Veblen Alfred Chandler, Jr. Designing a product to have a limited useful life in order to encourage future sales 6. The rule of reason The rule developed by the Supreme Court to make the Sherman Act workable in an era in which businesses were organizationally and technologically compelled to restrain trade 7.

Explanation / Answer

Thorstein Veblen Alfred Marshal. Alfred Chandler Jr. Economies of Throughput First Mover advantage Planned obsolescence The rule of reason

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