Institutions Can Undermine Technological Progress

Joel Mokyr is a professor at Northwestern University, who — along with Philippe Aghion and Peter Howitt — won the Nobel prize in economics earlier this week. Today, Mokyr joins the program to discuss how major technological changes can boost economic growth — that is, if politics and institutions can adapt quickly enough. Plus, why the bankruptcies of First Brands and Tricolor Holdings are raising questions about private credit markets and big banks’ exposure to them.