Nicholas Bloom on Management, Productivity, and Scientific Progress

Aug 12, 2020

Nicholas Bloom, a Stanford economics professor known for his research on management and productivity, explores fascinating topics. He delves into what the electrification of factories reveals about remote work adaptation. Bloom also discusses how effective management practices give American firms a competitive edge and critiques the challenges faced by emerging economies like India. Additionally, he shares insights on the productivity paradox, the influence of cultural factors on management styles, and his thoughts on the future of work in a hybrid model.

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INSIGHT

Science Progress Slowdown

Scientific progress seems to be slowing down overall, despite advancements in fields like AI and genetic medicine.
Existing fields, like Moore's Law and crop yields, show declining progress, while newer areas haven't offset this decline.

insights

INSIGHT

Field-Specific Slowdown

Progress in specific scientific fields tends to slow down over time, as seen with innovations like the wheel.
The key question is whether enough new fields emerge to compensate for the declining progress in established ones.

insights

INSIGHT

Declining Research Productivity

Scientific progress has been slowing since the 1950s, even with increased research investment.
This suggests it is becoming harder to discover new ideas, despite more resources being poured into research.

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What might the electrification of factories teach us about how quickly we’ll adapt to remote work? What gives American companies an edge over their competitors on the international stage? What value do management consultants really provide? Stanford professor Nick Bloom’s research studies how management practices, productivity techniques, and uncertainty shape outcomes across companies and countries.

He joined Tyler for a conversation about which areas of science are making progress, the factors that have made research more expensive, why government should invest more in R&D, how lean management transformed manufacturing, how India’s congested legal system inhibits economic development, the effects of technology on Scottish football hooliganism, why firms thrive in China, how weak legal systems incentivize nepotism, why he’s not worried about the effects of remote work on American productivity (in the short-term), the drawbacks of elite graduate programs, how his first “academic love” shapes his work today, the benefits of working with co-authors, why he prefers periodicals and podcasts to reading books, and more.

Read a full transcript enhanced with helpful links, or watch the full video.

Recorded July 13th, 2020 Other ways to connect

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