What do bricks, mail-order catalogues, pensions, vulcanised rubber, the gyroscope, and slot machines have in common? They all feature in Tim Harford's book The Next Fifty Things that Made the Modern Economy. As you might expect, the book is a sequel to Fifty Inventions that Shaped the Modern Economy (which I reviewed here), and is written in the same engaging style as the first book.
Every chapter focuses on one 'thing' and explains its effects (positive or negative) on the modern economy. Unlike the first book though, Harford doesn't limit himself to 'inventions', although if defined sufficiently broadly, almost all of the things were invented at some point, except for fire and oil. However, as Harford explains in the introduction:
In selecting the fifty-one subjects of this book, my aim has been to tell stories that will surprise you, about ideas that have had fascinating consequences. There are plenty of other books about inventions that changed the world; this book is about inventions that might change the way you see that world.
It mostly succeeds in that aim. Each chapter also ranges a bit more widely than the chapter title might suggest. For instance, the chapter on tulips is really about asset bubbles more generally, but uses 'tulipmania' as a motivating example. The chapter on Santa Claus is more about the commercialisation of Christmas. Many of the chapters (like the opening chapter on the pencil) covered ground that I already knew relatively well (probably because I follow Harford's blog). Personally, I particularly enjoyed the chapters on canned food, cellophane, and the Langstroth hive.
This was a perfect book to read during a summer holiday. It is not too taxing, and the thought-provoking and surprising factoids can be a family conversation starter. Like most (if not all) of Harford's books, I highly recommend this one.
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