One of the most striking features of contemporary industrial economies is their ability to offer an ever-expanding and improving range of products. Personal computers, tiny pacemakers, digital watches, and VCRs simply did not exist, and were not even dreamt of, only a few decades ago. Such product innovations play an increasingly important role in modern economic growth, and it is therefore imperative that economists come to grips with them, just as they have done with traditional economic phenomena.

In this skillfully crafted and imaginative study, Manuel Trajtenberg develops the tools to quantify and analyze the notion of product innovation. He argues persuasively that the magnitude of an innovation should be equated with the social benefits that it generates. Drawing from the "characteristics approach" to demand theory and the econometrics of discrete choice, he presents an ingenious method to estimate the benefits from product innovations that accrue to the consumer over time. His method centers on consumer preferences for different product attributes -such as speed and size of memory in computers-and then uses those preferences to evaluate the changes in attributes.

Trajtenberg applies his approach to the study of one of the most remarkable innovations in medical technology--Computed Tomography (CT) scanners. He assembled for that purpose an impressive set of data on every aspect of the new technology, from qualities and prices, patents and research, to details on virtually every sale in the United States during the decade following the introduction of CT in 1973. This close-up view of an innovation, quite rare in economic literature, offers valuable insights on the nature of the innovative process, the interaction between innovation and diffusion, the effects of uncertainty about quality, and the implications of changing preferences.

In the steam-powered mechanical age of the eighteenth and nineteenth centuries, the work of late Georgian and early Victorian mathematicians depended on far more than the properties of number. British mathematicians came to rely on industrialized paper and pen manufacture, railways and mail, and the print industries of the book, disciplinary journal, magazine, and newspaper. Though not always physically present with one another, the characters central to this book—from George Green to William Rowan Hamilton—relied heavily on communication technologies as they developed their theories in consort with colleagues. The letters they exchanged, together with the equations, diagrams, tables, or pictures that filled their manuscripts and publications, were all tangible traces of abstract ideas that extended mathematicians into their social and material environment. Each chapter of this book explores a thing, or assembling of things, mathematicians needed to do their work—whether a textbook, museum, journal, library, diagram, notebook, or letter—all characteristic of the mid-nineteenth-century British taskscape, but also representative of great change to a discipline brought about by an industrialized world in motion.

When President Eisenhower referred to the “military–industrial complex” in his 1961 Farewell Address, he summed up in a phrase the merger of government and industry that dominated the Cold War United States. In this bold reappraisal, Katherine Epstein uncovers the origins of the military–industrial complex in the decades preceding World War I, as the United States and Great Britain struggled to perfect a crucial new weapon: the self-propelled torpedo.

Torpedoes epitomized the intersection of geopolitics, globalization, and industrialization at the turn of the twentieth century. They threatened to revolutionize naval warfare by upending the delicate balance among the world’s naval powers. They were bought and sold in a global marketplace, and they were cutting-edge industrial technologies. Building them, however, required substantial capital investments and close collaboration among scientists, engineers, businessmen, and naval officers. To address these formidable challenges, the U.S. and British navies created a new procurement paradigm: instead of buying finished armaments from the private sector or developing them from scratch at public expense, they began to invest in private-sector research and development. The inventions emerging from torpedo R&D sparked legal battles over intellectual property rights that reshaped national security law.

Blending military, legal, and business history with the history of science and technology, Torpedo recasts the role of naval power in the run-up to World War I and exposes how national security can clash with property rights in the modern era.