Time Poverty

Given that “numbers” are an integral part of our lives at home but particularly at work, I thought it might be interesting to take a quick “deep dive” into the history of numbers.

No one knows with absolute certainty when humans started counting. Some archaeological evidence suggests that the genesis of numbers and counting may go back 30,000 years. What we do know is that a formal system of numbers was developed by the Sumerian and Babylonian civilisations of Mesopotamia (roughly, modern Iraq) and in ancient Egypt.

Numbers are an integral part of our everyday lives. We use math without even thinking about it. From figuring out the amount needed to buy a coffee to calculating the interest earned on a bank deposit, we are surrounded by numbers. We use numbers to tell the time, measure height, analyse trends, set budgets, quantify risk, rank athletes and forecast business outcomes.

Numbers have enabled humanity to solve countless problems. Mathematics has helped us understand the cycles of nature and unlock some of the mysteries of the universe. Humanity’s rapid progress over the past century in commerce, science and technology has been driven by mathematics. Nowadays, it’s a case of business by numbers.

Dome-headed mathematicians used to become school teachers. Today, number crunchers are in strong demand in business, with some deployed to write computer algorithms. Algorithms are behind Google’s search results and Amazon’s book recommendations. Not surprisingly, Google’s founders – Sergey Brin and Larry Page – are both mathematicians.***

In tracing the very first number system, we find the most ancient evidence of counting in notches carved into lengths of bone. From this simple tallying method, humans progressed to rudimentary arithmetic and then, thanks to the Sumerian people in 3100 BC, to a sexagesimal (base 60) numeral system which was transmitted to the Babylonians.

The sexagesimal system is still used today to measure angles (360 degrees in a circle), determine time (60 seconds in a minute, 60 minutes in an hour) and calculate geographic coordinates (360° of longitude and 180° of latitude). Both the sphere of a globe and the circular face of a clock owe their divisions to the Babylonians.

The next milestone in mathematics occurred around 2700 BC with the development by the ancient Egyptians of a decimal system. This system used seven different symbols (hieroglyphics) with each symbol representing a power of 10 viz, one, ten, one-hundred, one-thousand, ten-thousand, one-hundred-thousand and one-million.

***The word “Google” is a misspelling of the mathematical term “googol”, which means a number represented by 1 followed by 100 zeros.

From as early as 2500 BC, the Egyptians were writing fractions and used their acquired mathematical literacy largely for engineering purposes. They also created a system of algebra and geometry, enabling them to build the great pyramids and other breathtaking monuments, such as the Sphinx, with extreme accuracy.

The mathematical techniques of the Egyptians were passed on to the ancient Greeks. The Greeks quickly built upon this knowledge and made important contributions of their own. For example, the great mathematician, Pythagoras, (c.570-c.495 BC) developed his theorem of right-angled triangles. He was also the first person to come up with the idea of odd and even numbers.

The Pythagorean theorem is especially important today to construction workers and architects. It allows them to ascertain the proper dimensions for building structures and bridges which are safe and stable. The theorem is most commonly applied to triangular shaped roofs and gables and is also used by builders to lay the foundation for the corners of a building.

By the middle of the 1st century BC, the Romans had tightened their grip on the Greek empire and halted the mathematical revolution of the Greeks. No mathematical innovations occurred under the Roman Empire. Roman numerals were the dominant number system for trade and administration in most of Europe for over a millennium. However, the Roman system was flawed as it had no symbol for “zero”.

Around 200 BC the Indians invented the number “zero” and this is still considered India’s greatest contribution to the world. They incorporated a zero (0) into their numbering system – which ran from zero to nine. These came to be called Arabic numerals as they spread first to Islamic countries before reaching Europe around 1200 AD.

Given this background, it is self-evident why the system of numbers we use today – 0, 1, 2, 3, 4, 5, 6, 7, 8, 9 – is referred to as the Hindu-Arabic numeral system or Indo-Arabic numerals. Unlike earlier numeral systems, these 10 digits can be used in combination to represent all possible numbers. The word “digit” literally means finger or toe.

Humanity has certainly come a long way from adding and subtracting on fingers!

All food for thought!

John (JT) Thomas, OAM KSS

Independent Chairman

This opinion piece is provided by John (JT) Thomas, a 50- year veteran of the financial services industry and since 1987 a specialist in commercial mortgage funds. Considered by many to be the father of the modern commercial mortgage fund sector, JT helped establish and then managed – for 17 years – what became the largest and most successful commercial mortgage fund in Australia – The Howard Mortgage Trust – with assets exceeding $3 billion. Under JT’s stewardship, investors never lost one cent of their investments and indeed, investors always received competitive monthly returns. JT was also Chair of the $40 billion mortgage trust industry sector working group.

JT has been proudly involved with Princeton for 13 years and Chairs both the Princeton Credit Committee and the Princeton Compliance Committee. Since October 2025 he has been the Independent Chair of the Princeton Board.