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Conversations with Tyler
Brad DeLong on Intellectual and Technical Progress
Feb 22, 2023
Brad DeLong, a UC Berkeley economics professor and early economic blogger, dives into his monumental work, Slouching Towards Utopia. He discusses economic transformations from 1870 to 1920 and the ascent of German universities. DeLong contrasts historical progress with today's slower growth while critiquing Keynes and praising Hayek's insights. He shares his favorite movie, reflects on blogging versus Substack, and highlights how religion and philosophy shape economic thought. This engaging conversation intertwines personal anecdotes with profound economic analysis.
47:26
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Quick takeaways
- The 2% per year income and productivity growth since the second Industrial Revolution is unprecedented, contributing to the increase in working-class real wages.
- From 1870 to 1913, there was a 1.3% per year average world real income growth, along with significant population growth, indicating the substantial progress made in the late 19th century.
Deep dives
The Expansion of Working-Class Real Wages
The 2% per year income and productivity growth since the second Industrial Revolution is unprecedented. This growth is what has led to the increase in working-class real wages that we have come to expect.
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