The Economic Utilization of History And Other Economic Studies

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For centuries the difficulties of reaching the North Pole seemed almost insurmount- able. One expedition after another had 65 THE ECONOMIC UTILIZATION OF HISTOKY been undertaken only to add a new chapter to the history of failures. When, during the summer of 1909, it was announced that two explorers had independently succeeded in accomplishing this feat, it was also dis- closed that each had contracted in advance Avith certain newspapers for the exclusive right to publish an account of the dis-... covery, which, at the time of making the contract, was still problematical. Two things are significant in this episode : the first is the eagerness mth which discovery is pursued ; the second, the readiness to use a still unmade discovery as the basis of a property right. And if, as has since been proved, one of these expeditions was partly fictitious, this only makes the illustration more striking, as shomng the impalpable foundation upon which a property right may be built up. When the art of aerial navigation was still in its infancy, an insur- ance company advertised itself as pre- pared to underwrite aerial risks.

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