Search results for ""author david a kirsch""

In the late 1890s, at the dawn of the automobile era, steam, gasoline, and electric cars all competed to become the dominant automotive technology. By the early 1900s, the battle was over and internal combustion had won. Was the electric car ever a viable competitor? What characteristics of late nineteenth-century American society led to the choice of internal combustion over its steam and electric competitors? And might not other factors, under slightly differing initial conditions, have led to the adoption of one of the other motive powers as the technological standard for the American automobile?David A. Kirsch examines the relationship of technology, society, and environment to choice, policy, and outcome in the history of American transportation. He takes the history of the Electric Vehicle Company as a starting point for a vision of an “alternative” automotive system in which gasoline and electric vehicles would have each been used to supply different kinds of transport services. Kirsch examines both the support—and lack thereof—for electric vehicles by the electric utility industry. Turning to the history of the electric truck, he explores the demise of the idea that different forms of transportation technology might coexist, each in its own distinct sphere of service.A main argument throughout Kirsch’s book is that technological superiority cannot be determined devoid of social context. In the case of the automobile, technological superiority ultimately was located in the hearts and minds of engineers, consumers and drivers; it was not programmed inexorably into the chemical bonds of a gallon of refined petroleum. Finally, Kirsch connects the historic choice of internal combustion over electricity to current debates about the social and environmental impacts of the automobile, the introduction of new hybrid vehicles, and the continuing evolution of the American transportation system.

Read more less

Financial market bubbles are recurring, often painful, reminders of the costs and benefits of capitalism. While many books have studied financial manias and crises, most fail to compare times of turmoil with times of stability. In Bubbles and Crashes, Brent Goldfarb and David A. Kirsch give us new insights into the causes of speculative booms and busts. They identify a class of assets—major technological innovations—that can, but does not necessarily, produce bubbles. This methodological twist is essential: Only by comparing similar events that sometimes lead to booms and busts can we ascertain the root causes of bubbles. Using a sample of eighty-eight technologies spanning 150 years, Goldfarb and Kirsch find that four factors play a key role in these episodes: the degree of uncertainty surrounding a particular innovation, the attentive presence of novice investors, the opportunity to directly invest in companies that specialize in the technology, and whether or not a technology is a good protagonist in a narrative. Goldfarb and Kirsch consider the implications of their analysis for technology bubbles that may be in the works today, offer tools for investors to identify whether a bubble is happening, and propose policy measures that may mitigate the risks associated with future speculative episodes.

Read more less