How Creative Destruction Reuses Capital

(p. B1) The Internet is moving to a shopping center near you.
In Fort Wayne, Ind., a vacated Target store is about to be home to rows of computer servers, network routers and Ethernet cables courtesy of a local data-center operator. In Jackson, Miss., a former McRae’s department store will get the same treatment next year. And one quadrant of the Marley Station Mall south of Baltimore is already occupied by a data-center company that last year offered to buy out the rest of the building.
As America’s retailers struggle to keep up with online shopping, the Internet is starting to settle into some of the very spaces where brick-and-mortar customers used to shop.

For the full story, see:
DREW FITZGERALD and PAUL ZIOBRO. “This Used to Be a Shopping Mall.” The Wall Street Journal (Tues., NOV. 4, 2014): B1 & B6.
(Note: ellipses, and bracketed year, added.)
(Note: the online version of the story has the date NOV. 3, 2014, and has the title “Malls Fill Vacant Stores With Server Rooms.”)

Loewi Proved a Slow Hunch after 17 Years

(p. 243) Loewi had long been interested in the problem of neurotransmission and believed that the agent was likely a chemical substance and not an electrical impulse, as previously thought, but he was unable to find a way to test the idea. It lay dormant in his mind for seventeen years. In a dream in 1921, on the night before Easter Sunday, he envisioned an experiment to prove this. Loewi awoke from the dream and, by his own account, “jotted down a few notes on a tiny slip of thin paper.” Upon awakening in the morning, he was terribly distressed: “I was unable to decipher the scrawl.”
The next night, at three o’clock, the idea returned. This time he got up, dressed, and started a laboratory experiment.

Source:
Meyers, Morton A. Happy Accidents: Serendipity in Modern Medical Breakthroughs. New York: Arcade Publishing, 2007.

Charismatic Prophets of Technological and Organizational Innovation

(p. C7) Walter Isaacson’s last book was the best-selling biography of Steve Jobs –the charismatic business genius of Apple Computer and one of the beatified icons of modern technology and entrepreneurship. Mr. Isaacson’s fine new book, “The Innovators,” is a serial biography of the large number of ingenious scientists and engineers who, you might say, led up to Jobs and his Apple co-founder Steve Wozniak –“forerunners” who, over the past century or so, produced the transistor, the microchip and microprocessor, the programmable computer and its software, the personal computer, and the graphic interface.
. . .
Mr. Isaacson’s heart is with the engineers: the wizards of coding, the artists in electrons, silicon, copper, networks and mice. But “The Innovators” also gives space to the revolutionary work done with men as well as mice: experiments in the organizational forms in which creativity might be encouraged and expressed; in the aesthetic design of personal computers, phones and graphical fonts; in predicting and creating what consumers did not yet know they wanted; and in the advertising and marketing campaigns that make them want those things. Not the least of the revolutionaries’ inventions was their own role as our culture’s charismatic prophets, uniquely positioned to pronounce on which way history was going and then to assemble the capital, the motivated workers and the cheering audiences that helped them make it go that way.

For the full review, see:
ALEXANDRA KIMBALL. “The Best Way to Predict the Future.” The Wall Street Journal (Sat., Oct. 4, 2014): C9.
(Note: ellipsis added. The first word of the title in the print version was “They.” Above, I have corrected the typo.)
(Note: the online version of the review has the date Oct. 3, 2014, and has the title “Book Review: ‘The Innovators’ by Walter Isaacson.”)

The book under review is:
Isaacson, Walter. The Innovators: How a Group of Inventors, Hackers, Geniuses, and Geeks Created the Digital Revolution. New York: Simon & Schuster, 2014.

Embryo Stem-Cells Improve Sight in Severe Vision Loss Patients

(p. A7) Researchers have used stem cells from human embryos to treat patients suffering from severe vision loss, the first time the technique has been shown to be both safe and potentially effective in a sustained way.
. . .
. . . , Dr. Lanza and his colleagues first obtained an eight-cell embryo from a fertility clinic. (The embryo was left over from fertility treatments and was destined for destruction.)
. . .
Vision tests suggested that 10 of the 18 treated eyes had improved sight, with eight patients reading more than 15 additional letters on a reading chart in the first year after transplant. Visual acuity remained the same or improved in seven patients, though it decreased by more than ten letters in one patient.

For the full story, see:
GAUTAM NAIK. “Vision Improves in Stem-Cell Trial.” The Wall Street Journal (Weds., OCT. 15, 2014): A7.
(Note: ellipses added.)
(Note: the online version of the story has the date OCT. 14, 2014, and has the title “Stem Cells Show Potential Benefits for Eye Diseases.”)

Property Rights Increase Oyster Farming

(p. A14) Oyster farming, also known as aquaculture, is one of the few growing businesses here on the western shore of Maryland, a sleepy outpost best known for the sunburned watermen who have pulled crabs and fish from bays like Chesapeake and Calvert for generations. Recent changes to state policy and a growing national affection for oysters (sprinkled with lemon juice only, please) have brought back the shellfish, once as much a staple to Maryland as corn is to Iowa. In the past few years, the state has issued 111 oyster farming leases across 2,240 acres of waters; scores more are pending.
. . .
Oyster farmers — a mélange of scientists, businesspeople, new-career seekers and others — argue that by recreating oyster reefs, they are helping to clean the area’s bays, stimulate the very ecosystem that sustains crab and fish populations and return a tradition to the region.
. . .
[In 2010], Gov. Martin O’Malley signed the Shellfish Aquaculture Leasing bill, removing many impediments to shellfish aquaculture, including prohibitions on leasing in many county waters, making them available for the first time to nonresidents and corporations, and ending restrictions on the amount of space that could be leased. Oyster farming immediately took off in various regions of coastal Maryland.
Farmed oysters, like their wild kin, serve as filters for the water — one oyster can suck down and spit out 50 gallons of water a day — but are less prone to disease.

For the full story, see:
JENNIFER STEINHAUER. “A New Bounty of Oysters, but There Is a Snag.” The New York Times (Fri., NOV. 7, 2014): A14 & A18.
(Note: ellipses, and bracketed year, added.)
(Note: the online version of the story has the date NOV. 6, 2014, and has the title “A New Bounty of Oysters in Maryland, but There Is a Snag.”)

Much Knowledge Results from Mistaken Hypotheses

(p. 239) If we were to eliminate from science all the great discoveries that had come about as the result of mistaken hypotheses or fluky experimental data, we would be lacking half of what we now know (or think we know). –NATHAN KLINE, AMERICAN PSYCHIATRIST

Source:
Nathan Kline as quoted in Meyers, Morton A. Happy Accidents: Serendipity in Modern Medical Breakthroughs. New York: Arcade Publishing, 2007.

The Washing Machine Is a Great Bulwark of Women’s Liberation

(p. C9) If the past is foreign country because they do things differently there, we’re lucky to have such a knowledgeable cicerone as Ruth Goodman.
. . .
“I like to put time and effort into studying the objects and tools that people made and used, and I like to try methods and approaches out for myself,” she writes in “How to Be a Victorian.” This sounds straightforward enough but hardly hints at the leaps of imaginative empathy the author is so good at: When she visits a museum to examine a Victorian farm worker’s wool coat, for example, she sees both the husband “who sweated and left stains on his clothes, who physically felt the cold” and the wife who “spent hours carefully and neatly sewing up the tear.”
Ms. Goodman observes that the wife’s technique for repair matches one taught in working-class textbooks, a fact that raises questions in her mind. “How widespread was such needlework education, and was it likely to have been women who carried out such repairs?” she wonders. “If it takes me over an hour to do the work, would my Victorian forebears have been quicker? When would they have fitted such a chore into their day?” That little rip in the man’s coat, it turns out, is like a tiny window into “the great sweeps of political and economic life” that in turn “bring us back to the personal.” Trade disruptions in textiles during the American Civil War, for instance, “pushed up the price of the labourer’s coat, making that repair more necessary.”
. . .
Many, many things about daily life are far better now: “My own historical laundry experiences have led me to see the powered washing machine as one of the great bulwarks of women’s liberation, an invention that can sit alongside contraception and the vote.”

For the full review, see:
ALEXANDRA KIMBALL. “Living Like a Queen; You might get used to using soot to brush your teeth. But steel corsets? Never.” The Wall Street Journal (Sat., Oct. 4, 2014): C9.
(Note: ellipses added.)
(Note: the online version of the review has the date Oct. 3, 2014, and has the title “Book Review: ‘How to Be a Victorian” by Ruth Goodman; You might get used to using soot to brush your teeth. But steel corsets? Never.”)

The book under review is:
Goodman, Ruth. How to Be a Victorian: A Dawn-to-Dusk Guide to Victorian Life. New York: Liveright Publishing Corporation, 2014.

Most Venture Capital Firms Do Not Back “Ambitious, Long-Shot Projects”

(p. B4) Successful venture capitalism is about managing risk, so partners at most VC firms invest in businesses they think will become viable, or at least worthy of an acquisition, in the shortest time possible.
That doesn’t leave much appetite among VCs for startups working on ambitious, long-shot projects, the sort that require basic research, and that’s a shame.

For the full commentary, see:
CHRISTOPHER MIMS. “KEYWORDS; Our Last Great Hope: Venture Capital.” The Wall Street Journal (Tues., Oct. 21, 2014): B1 & B4.
(Note: italics in original.)
(Note: the online version of the commentary has the date Oct. 20, 2014, and the title “KEYWORDS; Humanity’s Last Great Hope: Venture Capitalists.”)

“People Don’t Like Open Plans”

(p. A1) Originally conceived in 1950s Germany, the open-plan office has migrated from tech start-ups to advertising agencies, architecture firms and even city governments. Now it has reached what is perhaps its most unlikely frontier yet: book publishing.
Few industries seem as uniquely ill suited to the concept. The process of acquiring, editing and publishing books is rife with moments requiring privacy and quiet concentration. There are the sensitive negotiations with agents; the wooing of prospective authors; the poring over of manuscripts.
. . .
(p. B6) Even as the walls of America’s workplaces continue to come crashing down, leaving only a handful of holdouts — like corporate law firms — a number of recent studies have been critical of the effects of open-plan offices on both the productivity and happiness of cube dwellers.
“The evidence against open-plan offices is mounting,” said Nikil Saval, the author of “Cubed: A Secret History of the Workplace.” “The idea is that these offices encourage collaboration and serendipitous encounters. But there’s not a lot of evidence behind these claims. Whereas there is a lot of evidence that people don’t like open plans.”
The notion of cookie-cutter cubicles is especially anathema to a certain breed of editors who see themselves more as men and women of letters than they do as businesspeople.
“It’s a world of words that we’re working towards, not an intellectual sweatshop,” said Jonathan Galassi, president and publisher of Farrar, Straus & Giroux and an opponent of open-plan offices.
For book editors, offices provide more than just privacy. They like to fill the bookcases inside with titles that they’ve published, making for a kind of literary trophy case to impress visitors.

For the full story, see:
JONATHAN MAHLER. “Cubicles Rise in a Brave New World of Publishing.” The New York Times (Mon., NOV. 10, 2014): A1 & B6.
(Note: ellipsis added.)
(Note: the online version of the story has the date NOV. 9, 2014, and has the title “Climate Tools Seek to Bend Nature’s Path.”)

The Saval book is:
Saval, Nikil. Cubed: A Secret History of the Workplace. New York: Doubleday, 2014.

“The World Is Not Only Stranger than We Imagine, It Is Stranger than We Can Imagine”

(p. 238) The British geneticist J. B. S. Haldane once commented, “The world is not only stranger than we imagine, it is stranger than we can imagine.” This famous quote is often used to support the notion that the mysteries of the universe are beyond our understanding. Here is another way to interpret his insight: Because so much is out there that is beyond our imagination, it is likely that we will discover new truths only when we accidentally stumble upon them. Development can then proceed apace.

Source:
Meyers, Morton A. Happy Accidents: Serendipity in Modern Medical Breakthroughs. New York: Arcade Publishing, 2007.
(Note: I have corrected a typo in the Haldane quote. Meyers mistakenly has “that” for the second “than.”)

“What Valuable Company Is Nobody Building?”

(p. A15) Peter Thiel is larger than life even for a Silicon Valley billionaire. He co-founded PayPal, was the first investor in Facebook , and funded LinkedIn, Spotify, SpaceX and Airbnb. Now he has written a much-needed explanation of the information economy, masquerading as a breezy how-to book for entrepreneurs. “Zero to One: Notes on Startups, or How to Build the Future” is based on lectures Mr. Thiel gave at Stanford.
He hopes more entrepreneurs will focus on big ideas for health, energy and transportation; his venture firm’s tag line is “They promised us flying cars and all we got was 140 characters,” a reference to Twitter. His explanation of innovation is also a primer on how free markets work. He encourages entrepreneurs to ask: “What valuable company is nobody building?”

For the full commentary, see:
L. GORDON CROVITZ. “INFORMATION AGE; Three Cheers for ‘Creative Monopolies’.” The Wall Street Journal (Mon., Oct. 13, 2014): A15.
(Note: the online version of the commentary has the date Oct. 12, 2014.)

The book praised in the passage quoted above is:
Thiel, Peter, and Blake Masters. Zero to One: Notes on Startups, or How to Build the Future. New York: Crown Business, 2014.