Category: Retired

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50 Things That Made the Modern Economy - Seller Feedback

Why should we get into a stranger’s car – or buy a stranger’s laser pointer? In 1997, eBay introduced a feature that helped solve the problem: Seller Feedback. Jim Griffith was eBay’s first customer service representative; at the time, he says “no-one had ever seen anything like [it]”. The idea of both parties rating each other after a transaction has now become ubiquitous. You buy something online – you rate the seller, the seller rates you. Or you use a ride-sharing service, like Uber – you rate the driver, the driver rates you. And a few positive reviews set our mind at ease about a stranger. Jim Griffith is not sure eBay would have grown without it. Online matching platforms would still exist, of course – but perhaps they’d be more like hitch-hiking today: a niche pursuit for the unusually adventurous, not a mainstream activity that’s transforming whole sectors of the economy. Producer: Ben Crighton Editors: Richard Knight and Richard Vadon (Image: Hand touching stars, Credit: Cherezoff/Shutterstock)
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The Nod - Good For The Blacks

Snoop Dogg has a TV show with Martha Stewart. The Tyler Perry movie "Boo! A Madea Halloween" made almost $100 million at the box office. A Black man once held the nuclear codes for President Trump. Sometimes in life we have to decide if a thing is good or bad for the Culture.

RELATED LINKS

Read Vinson Cunningham’s work at The New Yorker: http://www.newyorker.com/contributors/vinson-cunningham

Follow Aminatou Sow on Twitter. She's @aminatou.

If you are struggling to decide if something is good for the Blacks, email us at goodfortheblacks AT gimletmedia DOT com.

Learn more about your ad choices. Visit megaphone.fm/adchoices

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50 Things That Made the Modern Economy - Paper Money

A young Venetian merchant named Marco Polo wrote a remarkable book chronicling his travels in China around 750 years ago. The Book of the Marvels of the World was full of strange foreign customs Marco claimed to have seen. One, in particular, was so extraordinary, Mr Polo could barely contain himself: “tell it how I might,” he wrote, “you never would be satisfied that I was keeping within truth and reason”. Marco Polo was one of the first Europeans to witness an invention that remains at the very foundation of the modern economy: paper money. Tim Harford tells the gripping story of one of the most successful, and important, innovations of all human history: currency which derives value not from the preciousness of the substance of which it is made, but trust in the government which issues it. Producer: Ben Crighton Editors: Richard Knight and Richard Vadon (Image: Ancient Russian money, Credit: RomanR/Shutterstock)
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50 Things That Made the Modern Economy - Limited Liability Company

Nicholas Murray Butler was one of the great thinkers of his age: philosopher; Nobel Peace Prize-winner; president of Columbia University. When in 1911 Butler was asked to name the most important innovation of the industrial era, his answer was somewhat surprising. “The greatest single discovery of modern times,” he said, “is the limited liability corporation”. Tim Harford explains why Nicholas Murray Butler might well have been right. Producer: Ben Crighton Editors: Richard Knight and Richard Vadon (Image: LLC. Credit: Getty Images)
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The Nod - Greetings, My Brothas

Eric tries to convince Brittany that Beyoncé is hiding something, but Brittany needs more receipts.

 

RELATED LINKS

For the full experience, watch “Beyoncé forced Solange to give birth to Blue Ivy EXPOSED” on YouTube: https://www.youtube.com/watch?v=oQOPnV6pWkc

Shawn Blazington’s YouTube channel: https://www.youtube.com/channel/UCKB0LMauvWrRJkqDYyynihw

Celesse’s Beyoncé fan Instagram: https://www.instagram.com/throwbackxyonce

Learn more about your ad choices. Visit megaphone.fm/adchoices

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50 Things That Made the Modern Economy - Dynamo

You might think electricity had an immediate and transformative impact on economic productivity. But you would be wrong. Thirty years after the invention of the useable light bulb, almost all American factories still relied on steam. Factory owners simply couldn’t see the advantage of electric power when their steam systems – in which they had invested a great deal of capital – worked just fine. Simply replacing a steam engine with an electric dynamo did little to improve efficiency. But the thing about a revolutionary technology is that it changes everything. And changing everything takes imagination. Instead of replacing their steam engines with electric dynamos, company bosses needed to re-design the whole factory. Only then would electric power leave steam behind. As Tim Harford explains, the same lag has applied to subsequent technological leaps – including computers. That revolution might be just beginning. Producer: Ben Crighton Editors: Richard Knight and Richard Vadon (Image: Dynamo AC exciter Siemens, Credit: Igor Golovniov/Shutterstock)
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50 Things That Made the Modern Economy - Leaded Petrol

In the 1920s lead was added to petrol. It made cars more powerful and was, according to its advocates, a “gift”. But lead is a gift which poisons people; something figured out as long ago as Roman times. There’s some evidence that as countries get richer, they tend initially to get dirtier and later clean up. Economists call this the “environmental Kuznets curve”. It took the United States until the 1970s to tax lead in petrol, then finally ban it, as the country moved down the far side of the environmental Kuznets curve. But as Tim Harford explains in this astonishing story, the consequences of the Kuznets curve aren’t always only economic. Producer: Ben Crighton Editors: Richard Knight and Richard Vadon (Image: Petrol Nozzle, Credit: Khaled Desouki/AFP/Getty Images)