Quotulatiousness

May 25, 2023

The greatest economic moment of the 20th Century was when Thomas Edison invented the chicken

Filed under: Economics, Food, History, Humour, USA — Tags: , , — Nicholas @ 03:00

What’s that, you say? Edison didn’t invent the chicken? Yes, yes, okay. Technically it wasn’t Edison and technically the chicken already existed long before then, but Robert Graboyes explains why it’s kinda true:

No, Thomas Edison didn’t invent the chicken, despite my fake, AI-generated photographs above. But around the time of the Apollo moon landings, a future Nobel laureate allegedly declared that the most important invention of the 20th century was the chicken. This cryptic statement offers profound wisdom about possible paths of healthcare innovation in the 21st century. The chicken quote was attributed to Robert Mundell, 1999 Nobel economist, by Dick Zecher, who was my boss at Chase Manhattan Bank and, before that, Mundell’s colleague at the University of Chicago.

How is the chicken — first domesticated more than 5,000 years ago — a 20th-century invention at all? And how was the chicken more important than the airplane, computer, atomic bomb, television, interplanetary rocket — or the countless works of Edison and his crew?

Dick told me that the comment, delivered during an Economics Department seminar, attracted the blank stares that often met Mundell’s odd, enigmatic, and always-profound observations. After a prolonged silence, the befuddled seminar speaker asked what Mundell meant.

His insight was that in the 20th century, modern production methods so drastically reduced the price of chicken that the bird became, for all practical purposes, an entirely new good. According to W. Michael Cox and Richard Alm (“Myths Of Rich And Poor: Why We’re Better Off Than We Think“), a typical American in 1900 worked 160 minutes to earn enough money for a 3-pound chicken. An equivalent worker in 2000 needed only 14 minutes of wages to buy that chicken. Pre-1950s, consumers generally had to eviscerate a commercially bought bird or have a butcher do it. (My mother used to shudder when she recalled the itinerant butcher who would slaughter chickens for my grandmother in their kitchen sink.) Herbert Hoover’s promise of “a chicken in every pot” rings dull to our ears, but in 1928, the phrase sounded like “a flying car in every garage” sounds to ours.

Revolutionary production, distribution and storage methods changed chicken from a Sunday luxury item to the everyman’s protein. Our concept of chicken bears little resemblance to our great-grandparents’ image. Massive reductions in food prices explain why rates of malnutrition and starvation have plummeted worldwide since the mid-20th century.

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