

The economics of almost everything | Daniel Markovits, Martin Wolf, Madeleine Pennington
24 snips Feb 13, 2024
Daniel Markovits, Martin Wolf, and Madeleine Pennington discuss the meaning of productivity in the 21st century, the correlation between productivity and well-being, the role of governments in increasing output, the impact of technology on productivity, the alternative to productivity, the importance of democracy, and the urgency of preserving democracy while creating a stronger and more inclusive society.
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20th Century Productivity Gains Unique
- The 20th century's productivity gains are likely unique due to easy technological advancements and societal shifts.
- We've urbanized, transformed consumption, and extended lifespans, making similar gains difficult to replicate.
Productivity as a Relative Measure
- Productivity is a relative measure, not accounting for reasonable input or acceptable output.
- It requires interpretation through economic context and values like human attention and care.
Shifting Purpose of Work
- The productivity revolution ended desperate poverty by focusing work on consumption to meet dire needs.
- However, material consumption has limits, and excessive production now harms the planet and society.