"Econ 102" with Noah Smith and Erik Torenberg

Is the Great Stagnation Over?

37 snips
Jan 31, 2024
Guest
Eli Dourado
Eli Dourado, an economist noted for his insights on productivity, joins the hosts to unravel the mysteries of the Great Stagnation. They dive into how governance, more than technology, has stalled progress since the 1970s and highlight the contrasting innovation strategies of the U.S. and China. The conversation touches on engineering advancements in aerospace, particularly SpaceX's iterative approach, and discusses the future of solar-powered appliances. The episode balances optimistic outlooks against societal pessimism, making a case for proactive economic development.
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INSIGHT

The Great Stagnation

  • The "Great Stagnation" refers to a slowdown in total factor productivity growth since ~1973.
  • It's not solely a technological issue, but a governance problem hindering tech deployment.
ANECDOTE

China's Scaling Prowess

  • The US invented key technologies like solar panels and batteries, but China scaled them.
  • This raises questions about US scaling capabilities.
ANECDOTE

Tesla and SpaceX: Scaling Successes

  • Noah Smith argues that Tesla's battery advancements and SpaceX's space launch dominance demonstrate successful US scaling.
  • He suggests learning from Elon Musk's methods, like those used by Henry Ford.
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