The WSJ reports that the declining costs of marrying computer technology to mechanical instruments has produced a wave of interest in tinkering for fun and profit:

Engineering schools across the country report students are showing an enthusiasm for hands-on work that hasn’t been seen in years. Workshops for people to share tools and ideas — called “hackerspaces” — are popping up all over the country; there are 124 hackerspaces in the U.S., according to a member-run group that keeps track, up from a handful at the start of last year. SparkFun Electronics Inc., which sells electronic parts to tinkerers, expects sales of about $10 million this year, up from $6 million in 2008. “Make” magazine, with articles on building items such as solar hot tubs and autopilots for robots, has grown from 22,000 subscribers in 2005 to more than 100,000 now. Its annual “Maker Faire” in San Mateo, Calif., attracted 75,000 people this year.

“We’ve had this merging of DIY [do it yourself] with technology,” says Bre Pettis, co-founder of NYC Resistor, one of the first hackerspaces, in Brooklyn. “I’m calling it Industrial Revolution 2.”…

Access to the tools to tinker is getting easier. “Computer numerical controlled,” or CNC, tools — which cut metal and other materials into whatever design is plugged into the computer attached to them — now cost as little as a tenth of what they did a decade ago. Mr. Sessions, the MIT student, says he first looked at such mills on a lark, assuming the price would be well out of his reach. But his mill cost about $7,000 to buy and set up…

Through much of the past century, however, developing new products required increasingly complex and expensive tools that were out of reach of most individuals — the Wright brothers built an airplane in their bicycle shop, but the first jet-powered aircraft were built at well-funded corporate and government labs. As a result, large firms came to dominate innovation.

That trend was disrupted in the 1990s when low-cost computers allowed Internet and software start-ups to compete with giants. But when it came to developing innovative physical products, high prices kept high-tech machine tools and materials out of most tinkerers’ reach.

“There have always been hobbyists, but it was really hard to go from being a hobbyist who built hot rods to becoming a car company,” says Erik Kauppi, a member of at A2 Mech Shop, an Ann Arbor, Mich., workshop where tinkerers pool tools they own. “But now, all of a sudden a guy or a couple of guys have a lot more leverage.” The electric scooter that Mr. Kauppi, who is 49, developed at the workshop is now in production…

There were 27% more undergraduates who earned mechanical-engineering degrees in 2008 than in 2003, according to the American Association of Engineering Societies. Over the same period, the number of computer-engineering graduates slipped by 31%…

Until the 1950s, economists thought how fast the economy grew was mostly a matter of how much money was spent and how much work was getting done. But in a 1957 paper that helped him later earn a Nobel Prize, MIT economist Robert Solow showed capital and labor only accounted for about half of growth. The remaining half he attributed to innovation — an area where the U.S. has long had an advantage.

So maybe we were wrong and your iPod didn’t ruin America after all. Still, some of the things from an earlier time have vanished for the moment. (HT: Ace)

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