Conversations with Tyler Brad DeLong on Intellectual and Technical Progress
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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.
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19th Century Growth
- 19th-century productivity statistics are fragmentary and imperfect, suggesting slow growth.
- Real income and productivity growth of 2% yearly is unprecedented before the Second Industrial Revolution.
Growth After 1870
- Worldwide real income growth from 1870 to WWI was around 1.3% per year.
- Adding half the population growth, "technology" grew at 1.7% yearly, four times the rate before 1870.
Impact of Growth
- The 50 years post-1870 dramatically improved basic living standards (plumbing, mortality, nutrition).
- While recent growth is comparable, its impact feels smaller as urgent needs are met.
