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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insights INSIGHT
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.
insights INSIGHT
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.
insights INSIGHT
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.
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In this book, Gregory Clark addresses profound questions about global economic disparities. He argues that the Industrial Revolution and subsequent economic growth in eighteenth-century England were driven by cultural changes, such as the adoption of middle-class values like hard work, rationality, and education. Clark challenges prevailing theories by suggesting that these cultural shifts, rather than institutional or geographical factors, explain the wealth and poverty of nations. The book also discusses the Malthusian trap and how Britain's unique demographic and social dynamics allowed it to break out of this cycle and achieve significant economic growth.
Red Plenty
Francis Spufford
Francis Spufford's "Red Plenty" is a work of historical fiction that explores the Soviet Union's ambitious quest for economic abundance during the Khrushchev era. The narrative weaves together fictional characters with real historical figures, offering a nuanced portrayal of the era's complexities. Spufford masterfully blends factual events with imaginative storytelling, creating a compelling narrative that challenges traditional historical accounts. The book delves into the Soviet Union's attempts to implement cybernetics and mathematical planning to improve economic efficiency, highlighting the inherent challenges of a centrally planned economy. Ultimately, "Red Plenty" offers a thought-provoking exploration of the Soviet dream and its ultimate failure.
Slouching Towards Utopia
An Economic History of the Twentieth Century
J. Bradford DeLong
This book tells the story of how humanity transitioned from dire poverty before 1870 to an era of rapid technological advancement and economic transformation. Despite this progress, the world faces issues such as global warming, economic depression, uncertainty, and inequality. DeLong's work reveals the last century as less a march of progress than a slouch in the right direction, examining why the expected utopia was not achieved.
The magic mountain
Thomas Mann
The Magic Mountain is a novel by Thomas Mann, published in 1924. It follows the story of Hans Castorp, a young man from a Hamburg merchant family, who visits his tubercular cousin Joachim at a sanatorium in Davos, Switzerland. Initially planning to stay for three weeks, Castorp ends up staying for seven years, immersing himself in the unique world of the sanatorium. The novel delves into themes of time, illness, and the intellectual and philosophical debates of the pre-World War I era. It is a parable of Europe before the Great War and a prophecy of the future, highlighting the decline of European civilization and the rise of irrational and destructive forces. The narrative is characterized by Mann's ironic and omniscient storytelling, exploring the human condition through Castorp's experiences and the diverse characters he encounters at the sanatorium[2][3][4].
Brad DeLong, professor of economics at UC Berkley, OG econ blogger, and Tyler’s Harvard classmate, joins the show to discuss Slouching Towards Utopia, an economic history of the 20th century that’s been nearly thirty years in the making.
Tyler and Brad discuss what can really be gleaned from the fragmentary economics statistics of the late 19th century, the remarkable changes that occurred from 1870-1920, the astonishing flourishing of German universities in the 19th century, why investment banking allowed America and Germany to pull ahead of Britain economically, what enabled the Royal Society to become a force for progress, what Keynes got wrong, what Hayek got right, whether the middle-income trap persists, his favorite movie and novel, blogging vs. Substack, the Slouching Towards Utopia director’s cut, and much more.
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