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Things That Made the Modern Economy

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Inventions, ideas and innovations that have helped to create the modern economic world

Tim Harford introduces inventions, ideas and innovations that have helped to create the modern economic world

50 Things That Made the Modern Economy: Series 1

Things That Made the Modern Economy: Series 1: Disposable Razor

Disposable Razor

20/06/2017

Series 1

BBC Radio 4 - Things That Made the Modern Economy, Series 1, Disposable Razor

King Camp Gillette created the disposable razor. But his influence extends beyond shaving.

Tim Harford introduces inventions, ideas and innovations that have helped to create the modern economic world. King Camp Gillette invented the disposable razor and two-part pricing.

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.

Things That Made the Modern Economy: Series 1

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Inventions, ideas and innovations that have helped to create the modern economic world.

Tim Harford introduces inventions, ideas and innovations that have helped to create the modern economic world.

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Things That Made the Modern Economy

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Disposable Razor

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