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Published on Nov 3, 2013
A lecture at the British Academy of Arts and Sciences held on October 16 2013. What would have happened to economic growth if the railway had not been invented? What if the monetary system behaved like a hydraulic machine? And why have economists argued about the exchanges that Robinson Crusoe might have made with Friday on their desert island? Professor Morgan uses materials from the history of economics to illuminate how economists have created and used models -- devices that combine elements of the factual and fictional -- to explore the economic world.