ABSTRACT
In the swirl of modern advancements there can be the understandable inclination to regard innovations as being without precedent, and by extension, to see the experiences leading up to those developments and those resulting from them as something entirely new. In some instances this might be the case, but oftentimes it is not. When the telegraph emerged, along with Morse code, a new language consisting of dots and dashes, information flows transformed supply chain management, consumer access and market share, and the dissemination of news and opinion. The telegraph even evolved from cable to wireless. Decades later, aided by another new language predicated on zeroes and ones, all manner of electronic devices are transforming the way business is done and how information is shared. From whence we came, we shall return. And with respect to formal theories related to practical financial applications, many of these have been recognized with a Nobel Prize in Economics, and others have significantly helped to advance the understanding and application of business practices in a variety of ways. Theory and historical precedence help provide context, understanding, and a cornerstone for future growth, as well as gentle reminders that some “new” ideas might have a rather long historical pedigree.
