Complex Systems with Patrick McKenzie (patio11)

Boom, busts, and long term progress with Byrne Hobart

32 snips
Nov 14, 2024
Guest
Byrne Hobart
Byrne Hobart, author of "Boom: Bubbles and the End of Stagnation," dives into the interplay between economic bubbles and innovation. He discusses how irrational market enthusiasm, like the 1990s fiber optic boom, can lead to technological advancements that benefit society long-term. The conversation highlights historical examples, from Bell Labs to today's AI investments and energy infrastructure, illustrating how even painful market crashes can drive genuine progress. Byrne reflects on the cyclical nature of tech and finance, revealing hidden patterns of innovation amid speculation.
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INSIGHT

Economic Growth and Stagnation

  • Economic growth must be explained, as it was stagnant for a long time, then exploded.
  • Recent growth has slowed, raising questions about its drivers.
INSIGHT

Bell Labs and Innovation

  • Bell Labs' success stemmed from AT&T's monopoly and implicit agreement with the government to invest in R&D.
  • This setup allowed Bell Labs to pursue innovations like the transistor, benefiting society.
ANECDOTE

The Rise of the Administrative State

  • In the early 20th century, large corporations and the administrative state grew together, with the state coming first.
  • This created a shift in talent acquisition, as government became a major employer of ambitious individuals.
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