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.

01:03:37

forum

Ask episode

web_stories

AI Snips

view_agenda

Chapters

menu_book

Books

auto_awesome

Transcript

info_circle

Episode notes

insights

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.

Get the Snipd Podcast app to discover more snips from this episode

Navigating Scientific Stagnation and Innovation

02:19 • 14min

chevron_right

The Impact of Management Practices on Multinational Productivity

16:20 • 2min

chevron_right

The Productivity Paradox: Navigating Change

18:04 • 21min

chevron_right

Contrasting Trust and Management: England vs. Scotland

39:32 • 2min

chevron_right

Hooliganism, Technology, and Economic Policy Uncertainty

41:55 • 4min

chevron_right

Exploring the Disconnect Between the Stock Market and Economic Reality

45:26 • 2min

chevron_right

Navigating Remote Work and Collaboration

47:38 • 16min

chevron_right

#40

• Mentioned in 184 episodes

Hillbilly Elegy

A Memoir of a Family and Culture in Crisis

JD Vance

In 'Hillbilly Elegy,' J.D. Vance recounts his life growing up in a dysfunctional family in Middletown, Ohio, with roots in Kentucky's Appalachia. The book details his experiences with poverty, addiction, and family violence, as well as his journey to joining the marines and eventually graduating from Yale Law School. Vance provides a personal and insightful look into the decline of the white working class in America, exploring themes of family, culture, and the loss of the American dream. The memoir also touches on the political swing of the region, particularly in relation to the 2016 presidential election and the appeal of Donald Trump to this demographic.

#1809

• Mentioned in 15 episodes

Trust

The Social Virtues and the Creation of Prosperity

Francis Fukuyama

In this book, Francis Fukuyama argues that the level of trust within a society is a crucial factor in its economic success. He contends that societies with high levels of trust, such as Germany, Japan, and the United States, are more likely to create flexible and large-scale business organizations necessary for competing in the global economy. Fukuyama examines various national cultures to identify the underlying principles that foster social and economic prosperity, emphasizing the importance of social capital and the interconnectedness of economic and cultural life. He challenges both neoclassical and state-centered economic theories by highlighting the role of trust and social virtues in economic development.

#2604

• Mentioned in 11 episodes

The Great Stagnation

How America Ate All the Low-Hanging Fruit of Modern History, Got Sick, and Will (Eventually) Feel Better

Tyler Cowen

In 'The Great Stagnation,' Tyler Cowen posits that the American economy has enjoyed 'low-hanging fruit' since the seventeenth century, including free land, immigrant labor, and powerful new technologies. However, over the last forty years, these easy resources have disappeared, and the economy has failed to recognize this shift. Cowen argues that this has led to a technological plateau, resulting in stagnant median wages and distorted political discourse. He also discusses the impact of the internet and other computing technologies, which, despite their benefits, have not significantly raised material standards of living. The book offers a critical look at the causes of the 2008 financial crisis and suggests potential solutions, including a greater respect for scientific innovations that benefit humanity as a whole.

#3664

• Mentioned in 8 episodes

The machine that changed the world

Daniel T. Jones

Daniel Roos

James P. Womack

This book, resulting from a five-year research project by the International Motor Vehicle Program at MIT, provides a comprehensive description of the lean production system developed by Toyota. It contrasts lean production with the mass production model pioneered by General Motors and predicts the widespread adoption of lean methods across various industries, including health care, retail, and distribution. The book is considered a seminal work in the field of lean manufacturing and continues to provide essential guidance for managers and leaders seeking to transform their enterprises into lean success stories.

#4479

• Mentioned in 6 episodes

The end of science

Facing the Limits of Knowledge in the Twilight of the Scientific Age

John Horgan

In 'The End of Science,' John Horgan discusses the idea that science may be nearing its theoretical limits. He interviews various eminent scholars, including Fred Hoyle, Noam Chomsky, and John Wheeler, to explore topics such as God, superstrings, quarks, consciousness, and the Omega Point. Horgan argues that science is facing significant challenges, including the constraints imposed by special relativity, quantum mechanics, and chaos theory. He also critiques the trend of 'ironic science,' where theoreticians engage in speculative and often untestable theories, potentially reducing science to a status akin to literary criticism. The book presents a contrarian view on the future of scientific discovery and its place in the hierarchy of disciplines.

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

Follow us on Twitter and Instagram
Follow Tyler on Twitter
Follow Nick on Twitter
Email us: cowenconvos@mercatus.gmu.edu
Subscribe at our newsletter page to have the latest Conversations with Tyler news sent straight to your inbox.

Home Top podcasts Popular guests Top books