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50 Things That Made the Modern Economy

Factual: Money

The stories of inventions, ideas and innovations which helped create the economic world

Tim Harford tells the fascinating stories of inventions, ideas and innovations which have helped create the economic world.

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50 Things That Made the Modern Economy: Vickrey turnstile

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Vickrey turnstile

26/10/2019 GMT

BBC World Service - 50 Things That Made the Modern Economy, Vickrey turnstile

How did an invention that was never built help make the modern world?

In 1952, William Vickrey devised an innovative system of turnstiles for the New York subway - but it never became a reality. So how did it help make the modern world?

In 1952, economist William Vickrey devised an innovative system of turnstiles to help solve a major problem on New York’s subway network. It never became a reality, but, as Tim Harford explains, the idea behind it has had a major influence on how companies decide what to charge us for goods and services today.

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