Economics
- Distinction between coats and jackets begins to blur
- Production of steel revolutionized by invention of the Bessemer process
- Benjamin Silliman fractionates petroleum by distillation for the first time
- First transpacific telegraph cable laid
- First safety elevator installed by Elisha Otis
- Railroads begin to supplant canals in the United States as a primary means of transporting goods.
- First commercially successful sewing machine made by Isaac Singer
Read more about this topic: 1850s
Famous quotes containing the word economics:
“Women’s battle for financial equality has barely been joined, much less won. Society still traditionally assigns to woman the role of money-handler rather than money-maker, and our assigned specialty is far more likely to be home economics than financial economics.”
—Paula Nelson (b. 1945)
“I am not prepared to accept the economics of a housewife.”
—Jacques Chirac (b. 1932)
“There is no such thing as a free lunch.”
—Anonymous.
An axiom from economics popular in the 1960s, the words have no known source, though have been dated to the 1840s, when they were used in saloons where snacks were offered to customers. Ascribed to an Italian immigrant outside Grand Central Station, New York, in Alistair Cooke’s America (epilogue, 1973)