Category: Retired

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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)
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Crimetown - S1 E08: Cat and Mouse

A master thief keeps getting away with big heists. A cop spends years tailing him, tapping his phone, and practically moving in across the street. Their epic tug-of-war will revolutionize the fight against organized crime.

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 - Paper

The Gutenberg printing press is widely considered to be one of humanity’s defining inventions. Actually, you can quibble with Gutenberg’s place in history. He wasn’t the first to invent a movable type press – it was originally developed in China. Still the Gutenberg press changed the world. It led to Europe’s reformation, science, the newspaper, the novel, the school textbook, and much else. But, as Tim Harford explains, it could not have done so without another invention, just as essential but often overlooked: paper. Paper was another Chinese idea, just over 2000 years ago. Producer: Ben Crighton Editors: Richard Knight and Richard Vadon (Image: Stack of coloured paper, Credit: Laborant/Shutterstock)
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Crimetown - S1 E07: Power Street

March 20th, 1983. As an FBI investigation swirls around him, an increasingly unpredictable and paranoid Buddy Cianci summons a few friends to his home on the East Side of Providence. What happens there that night shocks the city.

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 - Antibiotics

In 1928 a young bacteriologist named Alexander Fleming failed to tidy up his petri dishes before going home to Scotland on holiday. On his return, he famously noticed that one dish had become mouldy in his absence, and the mould was killing the bacteria he’d used the dish to cultivate. It’s hard to overstate the impact of antibiotics on medicine, farming and the way we live. But, as Tim Harford explains, the story of antibiotics is a cautionary one. And unhelpful economic incentives are in large part to blame. Producer: Ben Crighton Editors: Richard Knight and Richard Vadon (Image: Penicillin Fungi, Credit: Science Photo/Shutterstock)
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50 Things That Made the Modern Economy - Billy Bookcase

Low cost, functional and brilliantly efficient, an Ikea Billy bookcase rolls off the production line every three seconds. There are thought to be over 60 million of them already in service. Few could find the Billy bookcase beautiful. They are successful because they work and they are cheap. And – as Tim Harford explains in this fascinating story – brilliantly boring efficiency is essential to the modern economy. The humble Billy bookcase epitomises the relentless pursuit of lower costs and acceptable functionality. Producer: Ben Crighton Editors: Richard Knight and Richard Vadon
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50 Things That Made the Modern Economy - Compiler

Installing Windows might take 5,000 years without the compiler, a remarkable innovation which made modern computing possible. Tim Harford tells a compelling story which has at its heart a pioneering woman called Grace Hopper who – along the way – single-handedly invented the idea of open source software too. The compiler evolved into COBOL – one of the first computer languages – and led to the distinction between hardware and software. Producer: Ben Crighton Editors: Richard Knight and Richard Vadon (Image: Grace M. Hopper, Credit: Bettman/Getty Images)
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50 Things That Made the Modern Economy - M-Pesa

Transferring money by text message is far safer and more convenient than cash. M-Pesa, as it is known, first took off in Kenya. The idea was to make it easier for small businesses to repay micro-finance loans. But, almost immediately, M-Pesa exploded into something far bigger - there are now 100 times more M-Pesa kiosks than ATMs in Kenya – and with far-reaching consequences, in many developing economies. Tim Harford describes how money transferred this way is easy to trace, which is bad news for the corrupt. And good news for tax authorities. Producer: Ben Crighton Editors: Richard Knight and Richard Vadon (Photo: Mobile Phone and M-Pesa sign, Credit: AFP/Getty Images)
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50 Things That Made the Modern Economy - Lightbulb

Once too precious to use, now too cheap to notice – the significance of the lightbulb is profound. Imagine a hard week’s work gathering and chopping wood, ten hours a day for six days. Those 60 hours of work would produce light equivalent to one modern bulb shining for just 54 minutes. The invention of tallow candles made life a little easier. If you spent a whole week making them – unpleasant work – you would have enough to burn one for two hours and twenty minutes every evening for a year. Every subsequent technology was expensive, and labour-intensive. And none produced a strong, steady light. Then, as Tim Harford explains, Thomas Edison came along with the lightbulb and changed everything, turning our economy into one where we can work whenever we want to. Producer: Ben Crighton Editors: Richard Knight and Richard Vadon (Photo: Electric lightbulb, Credit: Science photo library)
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Crimetown - S1 E06: Gerald and Harold

Police discover a bullet-riddled body in the backseat of a car. Jerry Tillinghast and his brother Harold are arrested. But doubts are soon raised about Harold’s involvement. And now, Jerry has a choice: break the mob’s code of silence, or allow his brother to join him in prison.

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

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