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How did an industry survive a technology that should have made it obsolete? Aled Maclean-Jones explains to EconTalk’s Russ Roberts how Japanese quartz watches nearly wiped out Swiss watchmaking with cheaper, more accurate alternatives--and how the Swiss redefined the value of a watch to recover market dominance. Maclean-Jones discusses the Japanese innovations that led to the Swiss industry’s collapse; the brilliant decision by a pair of Swiss mavericks to change the narrative around mechanical watches; and the consolidation and standardization of Swiss watchmaking undertaken by Swatch founder Nicolas Hayek. For links and more information: https://www.econtalk.org/seiko-swatch... Subscribe to EconTalk on YouTube: / @econtalkwithruss Subscribe to the audio episodes: Apple Podcasts: https://podcasts.apple.com/us/podcast... Stitcher: https://www.stitcher.com/podcast/econ... Spotify: https://open.spotify.com/show/4M5Gb71... and wherever you listen to podcasts.