Category: Retired

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50 Things That Made the Modern Economy - Robot

Robots threaten the human workforce, but their ubiquity and growing competence make them crucial to the modern economy. In 1961 General Motors installed the first Unimate at one of its plants. It was a one-armed robot resembling a small tank that was used for tasks like welding. Now, as Tim Harford explains, the world’s robot population is expanding rapidly (the robot “birth rate” is almost doubling every five years) and, coupled with rapid advances in artificial intelligence, robots are changing the world of work in unexpected ways. (Photo: Robot, Credit: Toru Yamanaka/Getty Images)
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Crimetown - S1 E10: The Ghost

After a lucrative career as a thief, Charles Kennedy has an important realization: the real money is in drugs. He rises to become one of the East Coast’s biggest traffickers, throwing coke-fuelled parties and amassing a strange menagerie of pets. But his success attracts the wrong kind of attention.

For more information about this episode, and for a full list of credits, visit crimetownshow.com. 

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50 Things That Made the Modern Economy - Disposable Razor

King Camp Gillette came up with an idea which has helped shape the modern economy. He invented the disposable razor blade. But, perhaps more significantly, he invented the two-part pricing model which works by imposing what economists call “switching costs”. If you’ve ever bought replacement cartridges for an inkjet printer you experienced both when you discovered that they cost almost as much as the printer itself. It’s also known as the “razor and blades” model because that’s where it first drew attention, thanks to King Camp Gillette. Attract people with a cheap razor, then repeatedly charge them for expensive replacement blades. As Tim Harford explains, it’s an idea which has been remarkably influential. Producer: Ben Crighton Editors: Richard Knight and Richard Vadon (Image: Razor, Credit: Shutterstock)
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50 Things That Made the Modern Economy - Clock

There’s no such thing as “the correct time”. Like the value of money, it’s a convention that derives its usefulness from the widespread acceptance of others. But there is such a thing as accurate timekeeping. That dates from 1656, and a Dutchman named Christiaan Huygens. In the centuries since, as Tim Harford explains, the clock has become utterly essential to almost every area of the modern economy. Producer: Ben Crighton Editors: Richard Knight and Richard Vadon (Image: A wall clock. Credit: Shutterstock)
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50 Things That Made the Modern Economy - Google

The words 'clever' and 'death' crop up less often than 'Google' in conversation. That’s according to researchers at the University of Lancaster in the UK. It took just two decades for Google to reach this cultural ubiquity. Larry Page and Sergey Brin – Google’s founders – were not, initially, interested in designing a better way to search. Their Stanford University project had a more academic motivation. Tim Harford tells the extraordinary story of a technology which might shape our access to knowledge for generations to come. Producer: Ben Crighton Editors: Richard Knight and Richard Vadon (Image: Google logo and search box on a screen. Credit: Yui Mok/PA Wire)
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Crimetown - S1 E09: A Deal With the Devil

One night in 1982, a 20-year-old man is senselessly murdered at an abandoned gas station. A mobster is taken into witness protection after he pins the murder on his boss. This brutal crime will push three wiseguys out of the mafia in very different ways.

For a full list of credits, and for more information about this episode, visit crimetownshow.com. 

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50 Things That Made the Modern Economy - Insurance

Legally and culturally, there’s a clear distinction between gambling and insurance. Economically, the difference is not so easy to see. Both the gambler and the insurer agree that money will change hands depending on what transpires in some unknowable future. Today the biggest insurance market of all – financial derivatives – blurs the line between insuring and gambling more than ever. Tim Harford tells the story of insurance; an idea as old as gambling but one which is fundamental to the way the modern economy works. Producer: Ben Crighton Editors: Richard Knight and Richard Vadon (Image: Lloyds Coffeehouse, Credit: Getty Images)