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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: Gramophone

Gramophone

26/06/2017

Series 1

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

'Superstar' economics - how the gramophone transformed the performing industry.

'Superstar' economics - how the gramophone led to a winner-take-all dynamic in the performing industry. And how innovations have created superstar economics in other sectors too.

"Superstar" economics - how the gramophone led to a winner-take-all dynamic in the performing industry. Elizabeth Billington was a British soprano in the 18th century. She was so famous, London's leading opera houses scrambled desperately to secure her performances. In 1801 she ended up singing at both venues, alternating between the two, and pulling in at least £10,000. A remarkable sum, much noted at the time. But in today's terms, it's a mere £687,000, or about a million dollars; one per cent of a similarly famous solo artist's annual earnings today. What explains the difference? The gramophone. And, as Tim Harford explains, technological innovations have created "superstar" economics in other sectors too.

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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