Digest

This episode of Planet Money delves into the fascinating history of light, tracing its evolution from primitive methods like burning animal fat for candles to the modern era of electric light. The episode begins with Jacob Goldstein's personal experience of making candles from beef fat, highlighting the laborious and inefficient nature of early lighting methods. The episode then explores the work of economist Bill Nordhaus, who meticulously calculated the cost of light in ancient Babylon, revealing how expensive and limited it was. Nordhaus's research demonstrates that for thousands of years, humanity lived in relative darkness, with limited productivity and economic growth. The episode then highlights the transformative impact of kerosene, a cheaper and more efficient fuel source that emerged in the 19th century, leading to a surge in productivity and economic growth. The episode concludes with a discussion of the invention of the electric light bulb by Thomas Edison, emphasizing the crucial role of finance and infrastructure in bringing this innovation to fruition. The episode also touches upon the environmental consequences of economic growth, particularly the pollution generated by early power plants. Overall, the episode paints a compelling picture of how advancements in lighting technology have shaped human history, driving economic progress and societal change.

Outlines

00:00:00

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00:00:19

The Quest for Light

This Chapter explores the history of light, starting with the use of animal fat for candles. Jacob Goldstein recounts his personal experience of making candles from beef fat, highlighting the laborious and inefficient nature of early lighting methods. The episode then discusses the work of economist Bill Nordhaus, who calculated the cost of light in ancient Babylon, revealing how expensive and limited it was.

00:01:08

The Kerosene Revolution

This Chapter focuses on the transformative impact of kerosene, a cheaper and more efficient fuel source that emerged in the 19th century. The episode explains how kerosene led to a surge in productivity and economic growth, as it provided brighter, cleaner, and more affordable light. The episode also discusses the role of science and experimentation in the discovery of kerosene.

00:14:14

Edison and the Electric Light

This Chapter delves into the invention of the electric light bulb by Thomas Edison, emphasizing the crucial role of finance and infrastructure in bringing this innovation to fruition. The episode highlights the importance of Edison's business acumen and his understanding of economics in driving the adoption of electric light. The episode also touches upon the environmental consequences of economic growth, particularly the pollution generated by early power plants.

Keywords

Q&A

• How did the cost of light change over time, and what impact did this have on society?

  The cost of light has decreased dramatically over time, from being incredibly expensive in ancient Babylon to being relatively inexpensive today. This decrease in cost has led to increased productivity, economic growth, and societal progress. For example, the invention of kerosene lamps in the 19th century made light more affordable and accessible, leading to longer working hours and increased economic activity. The invention of the electric light bulb further reduced the cost of light, enabling people to work and live longer hours and leading to the development of new industries and technologies.

• What role did finance and infrastructure play in the adoption of electric light?

  Finance and infrastructure were crucial for the adoption of electric light. Thomas Edison, the inventor of the electric light bulb, needed significant financial resources to build power plants and lay wires to distribute electricity. He also needed a legal framework, such as patents, to protect his inventions and attract investors. The development of a robust financial system and infrastructure was essential for the widespread adoption of electric light and the subsequent economic growth it spurred.

• What are some of the environmental consequences of economic growth?

  Economic growth often comes with environmental consequences, such as pollution and resource depletion. The episode highlights the pollution generated by early power plants, which burned coal to generate electricity. As economic growth continues, it is important to consider the environmental impact of our actions and develop sustainable practices to mitigate these consequences.

• Is economic growth sustainable, or will we eventually run out of ways to make things better?

  The episode raises the question of whether economic growth is sustainable in the long term. While there have been significant advancements in productivity and efficiency over the past centuries, there are physical limits to how much we can improve things. The episode suggests that we may be approaching the limits of what is possible with certain technologies, such as the light bulb. However, it also acknowledges that human ingenuity and innovation have a history of overcoming seemingly insurmountable challenges.

Show Notes