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As of 2017, 88 Nobel laureates, 52 National Medal of Science recipients, 65 Marshall Scholars, 45 Rhodes Scholars, 38 Mac Arthur Fellows, 34 astronauts, 21 Turing award winners, 16 Chief Scientists of the U. Air Force and 6 Fields Medalists have been affiliated with MIT.The school has a strong entrepreneurial culture and the aggregated revenues of companies founded by MIT alumni would rank as the eleventh-largest economy in the world.Founded in 1861 in response to the increasing industrialization of the United States, MIT adopted a European polytechnic university model and stressed laboratory instruction in applied science and engineering.Researchers worked on computers, radar and inertial guidance during World War II and the Cold War.The true and only practicable object of a polytechnic school is, as I conceive, the teaching, not of the minute details and manipulations of the arts, which can be done only in the workshop, but the inculcation of those scientific principles which form the basis and explanation of them, and along with this, a full and methodical review of all their leading processes and operations in connection with physical laws.The new institute was founded as part of the Morrill Land-Grant Colleges Act to fund institutions "to promote the liberal and practical education of the industrial classes" and was a land-grant school.
The MIT Engineers compete in 31 sports, most teams of which compete in the NCAA Division III's New England Women's and Men's Athletic Conference, whereas the Division I rowing programs compete as part of the EARC and EAWRC.
In 1863 under the same act, the Commonwealth of Massachusetts founded the Massachusetts Agricultural College, which developed as the University of Massachusetts Amherst.
In 1866, the proceeds from land sales went toward new buildings in the Back Bay.
The others are natural resources (including land), and labor — the stock of competences embodied in the labor force.
"Physical" is used to distinguish physical capital from human capital (a result of investment in the human agent)), circulating capital, and financial capital. "Physical capital" is fixed capital, any kind of real physical asset that is not used up in the production of a product.