Why did China and the Roman Empire not lead the Industrial Revolution? feat. Joel Mokyr

In this clip, Joel mentions why the Roman Empire and China didn't experience an industrial revolution, attributing lack of progress to diminishing returns from established trade routes and specialized industries. Joel also highlights gains made by Europe when it started to integrate into a single large market in 1967, he emphasizes the role of knowledge gains and technological advancements, stating that they are sectors that don't seem to succumb to the law of diminishing returns. Full Episode Link (Part 1): https://youtu.be/iV21apDujg8 (Part 2): https://youtu.be/j-EtfjGJbV0 00:00 Why No Industrial Revolution in China or Roman Empire? 00:18 The Diminishing Returns of Trade and Specialization 00:54 The Power of Knowledge and Innovation 01:40 The Limitless Potential of Collective Intelligence 02:07 The Role of Technological Change in Historical Prosperity 02:38 The Stagnation of the Roman Empire and China 03:24 The Accelerating Pace of Progress in Europe In this two-part episode of The Great Tech Game podcast, host Anirudh Suri is joined by Joel Mokyr to dig deep into why some societies get rich, creative and successful while others don't. Mokyr and Suri discuss examples of countries that have unshackled themselves from their past, such as 19th century Japan during the Meiji Restoration and the East Asian tigers. They also explore how India can reverse its brain drain and become a tech nation, and not remain just a talent nation. Mokyr highlights the high levels of inequality being driven by the tech economy today, and both draw parallels with pre-WWI Europe and its experience with vast inequality driven by industrial capitalism. Jumping to the modern era, they discuss whether AI represents a new revolution in knowledge, or whether it is just hype. About Joel Mokyr: Joel Mokyr is Professor of Economics and History at Northwestern University. Joel Mokyr conducts research on the economic history of Europe, and specializes in the period 1750-1914. His current research is focused on the understanding of the economic and intellectual roots of technological progress and the growth of useful knowledge in European societies, as well as the impact that industrialization and economic progress have had on economic welfare. #IndustrialRevolution #Trade#Specialization #EuropeIntegration #KnowledgeExpansion#ArtificialIntelligence #MaterialScience #MolecularBiology #TechnologicalBreakthroughs #Prosperity