Here’s an interesting anecdote, as told by Charles M. Vest, President of the Massachusetts Institute of Technology, during commencement on June 4th, 1999. “In the early years of this century, Steinmetz was brought to General Electric’s facilities in Schenectady, New York. GE had encountered a performance problem with one of their huge electrical generators and had been absolutely unable to correct it. Steinmetz, a genius in his understanding of electromagnetic phenomena, was brought in as a consultant – not a very common occurrence in those days, as it would be now. Steinmetz also found the problem difficult to diagnose, but for some days he closeted himself with the generator, its engineering drawings, paper and pencil. At the end of this period, he emerged, confident that he knew how to correct the problem. After he departed, GE’s engineers found a large “X” marked with chalk on the side of the generator casing. There also was a note instructing them to cut the casing open at that location and remove so many turns of wire from the stator. The generator would then function properly. And indeed it did. Steinmetz was asked what his fee would be. Having no idea in the world what was appropriate, he replied with the absolutely unheard of answer that his fee was $1000. Stunned, the GE bureaucracy then required him to submit a formally itemized invoice. They soon received it. It included two items: 1. Marking chalk “X” on side of generator: $1. 2. Knowing where to mark chalk “X”: $999.”
Now other sites have him asking for $10,000, while others have him simply pacing around the machines for a few moments and figuring it out.Â I prefer the quoted version because it feels the most real to me.
A nice little story about the value of knowledge.Â Note that he lived from 1865 to 1923.