On this day in 1982 a machine, the personal computer, was awarded the famous Man of the Year' by Time magazine. It was to herald the beginning of the PC age. Two years before, Microsoft CEO Bill Gates ambitiously predicted "A computer on every desk and in every home".
The PC's meteoric rise is only equal to its lacklustre origins. An Italian company called Olivetti made the first desktop personal computer. It was happily called “Programma 101” and work on it started in 1962. Olivetti manufactured typewriters and envisioned their upgrade as the PC. Their expectation was proved to be right – however ,at a price tag of $3,200 in 1964 the new machines were horrendously expensive. Also, the Programma 101 was actually little more than a modern calculator that looked like a cash register.
It was in the 80s that real progress was made and companies such as Amstrad, IBM, Apple and of course Microsoft took over manufacturing and programming. Computers began to make sense. Prices started falling, actual sizes became smaller and the machines could do much more complicated things.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Time magazine was ahead of the game in awarding the PC Man of the Year in 1982. At that time the PC's uses were extremely limited – the main thing they did was to replace typewriters. One could now make a mistake and not have to retype the entire page.
Today, Bill Gates' prediction seems like an understatement and not the overambitious, borderline ridiculous comment of the time. Many individuals have both a PC and laptop within households. In offices, desks often have several computers lined across.
The computer is still evolving and is increasingly combining and including more, traditionally separate, functions like watching television, shopping, telephoning, messaging, reading or even playing games into its toolkit.
-
British Airways revamps Avios scheme bringing down flight prices to £1With the new Avios part-payments scheme you can now bag a British Airways flight for as little as £1
-
RBS to close a fifth of branchesRoyal Bank of Scotland plans to shut 18 branches across Scotland, resulting in the loss of 105 jobs. We have the full list of closures.
-
31 August 1957: the Federation of Malaya declares independence from the UKFeatures On this day in 1957, after ten years of preparation, the Federation of Malaya became an independent nation.
-
13 April 1960: the first satellite navigation system is launchedFeatures On this day in 1960, Nasa sent the Transit 1B satellite into orbit to provide positioning for the US Navy’s fleet of Polaris ballistic missile submarines.
-
9 April 1838: National Gallery opens in Trafalgar Square
Features On this day in 1838, William Wilkins’ new National Gallery building in Trafalgar Square opened to the public.
-
3 March 1962: British Antarctic Territory is created
Features On this day in 1962, Britain formed the British Antarctic Territory administered from the Falkland Islands.
-
10 March 2000: the dotcom bubble peaks
Features Tech mania fanned by the dawning of the internet age inflated the dotcom bubble to maximum extent, on this day in 2000.
-
9 March 1776: Adam Smith publishes 'The Wealth of Nations'
Features On this day in 1776, Adam Smith, the “father of modern economics”, published his hugely influential book The Wealth of Nations.
-
8 March 1817: the New York Stock Exchange is formed
Features On this day in 1817, a group of brokers moved out of a New York coffee house to form what would become the biggest stock exchange in the world.
-
7 March 1969: Queen Elizabeth II officially opens the Victoria Line
Features On this day in 1969, Queen Elizabeth II took only her second trip on the tube to officially open the underground’s newest line – the Victoria Line.
