Wikipedia on the verge escapement:
The verge (or crown wheel) escapement is the earliest known type of mechanical escapement, the mechanism in a mechanical clock that controls its rate by advancing the gear train at regular intervals or 'ticks'. Its origin is unknown. Verge escapements were used from the 14th century until about 1800 in clocks and pocketwatches. The name verge comes from the Latin virga, meaning stick or rod.
Its invention is important in the history of technology, because it made possible the development of all-mechanical clocks. This caused a shift from measuring time by continuous processes, such as the flow of liquid in water clocks, to repetitive, oscillatory processes, such as the swing of pendulums, which had the potential to be more accurate. Oscillating timekeepers are at the heart of every clock today.
Here is a link to Wikipedia's article on the verge escapement.
[ Thanks Steve! ]