Britain's 15-Years of Stagnation & What to Do | Sam Bowman | IEA Interview

In this Institute of Economic Affairs Podcast, IEA Executive Director Tom Clougherty interviews Sam Bowman, founding editor of Works in Progress magazine, head of publishing at Stripe, and board member at the Mercatus Centre at George Mason University. The conversation explores Bowman's journey from his early days at the Adam Smith Institute to his current work promoting progress studies - a movement focused on economic, technological and scientific advancement. They discuss the cultural shift against material progress in developed countries, comparing it to the more optimistic, improvement-focused mindsets still prevalent in Central and Eastern Europe, East Asia, and parts of the United States.

The interview delves into Bowman's controversial thesis that Britain should be understood as a developing country rather than a frontier economy, arguing that the UK's growth problems stem primarily from barriers to building housing, infrastructure and energy projects rather than lack of technological innovation. They examine how housing shortages constrain economic growth by preventing people from moving to more productive locations, particularly in knowledge-based industries where proximity and agglomeration effects are crucial. The conversation also covers the decline of economic thinking on the political right, the rise of "keyhole solutions" as an alternative to elite persuasion, and the regulatory constraints that prevent Britain from catching up with more successful countries.

The discussion concludes with Bowman's concerns about Europe's economic stagnation and intellectual complacency, contrasting this with his optimism about technology's potential to solve seemingly intractable problems - from obesity through new medications to the transformative possibilities of artificial intelligence. Throughout, both speakers emphasise that many of Britain's economic challenges could be addressed through relatively straightforward policy changes focused on removing barriers to construction and development, rather than requiring breakthrough innovations or complex new technologies.

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