The Fable of The Bees: or, Private …

Years: 1714 - 1714
August

The Fable of The Bees: or, Private Vices, Public Benefits is a book by Bernard Mandeville, consisting of the poem The Grumbling Hive: or, Knaves turn’d Honest and prose discussion of it.

The poem had been published in 1705 and the book first appears in 1714.

The poem suggests many key principles of economic thought, including division of labor and the invisible hand, seventy years before these are more thoroughly elucidated by Adam Smith.

John Maynard Keynes cites Mandeville to show it is "no new thing ... to ascribe the evils of unemployment to ... the insufficiency of the propensity to consume", a condition also known as the paradox of thrift, and central to his own theory of effective demand (Keynes, John Maynard (1964 [reprint of 1936 edition]), The General Theory of Employment, Interest and Money, Macmillan & Co Ltd) At the time, however, it is considered scandalous.

Roger Cotes publishes his only scientific paper, Logometrica, in the Philosophical Transactions of the Royal Society.

He provides the first proof of what is now known as Euler's formula and constructs the logarithmic spiral.

Henry Mill, a waterworks engineer for the New River Company, submits two patents during his lifetime.

One is for a coach spring, while the other is for a "Machine for Transcribing Letters".

The machine that he invents appears, from the patent, to have been similar to a typewriter, but nothing further is known.

Other early developers of typewriting machines include Pellegrino Turri.

Many of these early machines, including Turri's, are developed to enable the blind to write.

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