S1 E7: Lost Talents, Inequality, and Innovations with Xavier Jaravel from LSE
Jan 22, 2024
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Xavier Jaravel discusses lost talents like Einsteins, the link between inequality and innovation, and how inflation impacts them. The podcast explores ways to uncover untapped talent, the importance of inclusive education, and the role of mentorship in inspiring students towards STEM fields.
Creative destruction can be leveraged to reduce inequality, emphasizing policy interventions in fostering growth.
Deep dives
Researching Connections Between Economic Growth, Innovation, and Inequality
The podcast delves into the research of Xavier, an economist focusing on economic growth, welfare, and innovation linked to reducing inequality. Xavier highlights the potential to enhance both growth and equality, challenging the equity-efficiency trade-off. Collaborating with John, their project on 'Lost Einsteins' and 'Lost Maricués' underscores the pursuit of economic balance and empowerment.
Encouraging Innovation by Exposing Untapped Talent
The discussion centers on revealing untapped innovation potential, with socio-economic backgrounds influencing the likelihood of becoming patent inventors significantly. Evidence suggests disparities in innovation possibilities based on family income, education, and exposure to innovation careers. Initiatives, like mentorship programs and role model representation, aim to bridge this gap and inspire more diverse participation in STEM fields.
Linking Creative Destruction to Inequality and Policy Implications
The dialogue navigates the impact of creative destruction on inequality, exploring the possibility of leveraging innovation to foster growth and diminish inequality. Insights reveal nuances in persistent versus transient inequality and emphasize the crucial role of policy interventions, including competition regulations, to prevent entrenched inequality dynamics stemming from innovation.
Redefining Inflation Inequality Through Innovation & Consumption
Addressing inflation's unequal impact, the conversation explains how innovations catered to affluent consumers can lower their inflation rates while affecting lower-income groups differently. Xavier's study in France reveals varying savings tendencies when money expires, shedding light on policy implications for stimulus strategies. Such research underscores the intersection of micro-level data analysis with macro economic questions.
In this episode, we talk about lost talents or lost Einsteins and Marie Curies in an economy, the relationship between inequality, innovation, and inflation, and more! Let us know your thoughts, comments, and questions!
05:00 Lost Einsteins and Marie Curies
12:00 Creative Destruction and Inequality
20:00 Inflation, Inequality, and Innovation
25:00 Cheezy Questions!
Hosts: Ruveyda Gozen (@ruveyda_gozen) and John Van Reenen (@jvanreenen)
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