The Good Old Days Weren’t So Great
The universe, points out economist Noah Smith, is always trying to kill us, whether through asteroids hurtling through space or our every-few-hours hunger pains. Why, then, should we expect anything but a gravitational pull toward poverty?
In this episode, Russ Roberts and Noah Smith reflect on films and TV shows that depict the “good old days-” nostalgia for the particular era of the 1950’s. They end with an exchange about various survival shows, including a Canadian show that was canceled as survival in late 1800’s farming life conditions was simply too challenging for the contestants. Why do people tend to idealize certain historical periods, and how does this affect current views on progress, technology, and economics? We hope you enjoy this exchange of ideas, descriptions and anecdotes about development. As always, your reactions are welcomed and encouraged.
1- Smith refers to poverty as the “elemental foe.” What does this metaphor suggest about the nature of poverty and survival as compared to other foes such as nuclear war or climate change?
2- “Industrial modernity” is described as a “system of technological edifices” that sustain modern standards of living. How did Adam Smith foresee this in his opening of Wealth of Nations about division of labor?
3- The paradox of labor-saving technologies reducing jobs while increasing productivity is an age old phenomenon. As the discussion continues to evolve about the future of AI, what potential consequences of technological unemployment appear to be underrated or overrated? Why?
4- Both Roberts and Smith express curiosity about why the Industrial Revolution didn’t occur sooner, despite the availability of key technologies in earlier civilizations such as Rome, China, and Latin America. What are some potential explanations for why industrialization took so long, and how does the extent of the market, the institutions of the time, or other economic factors contribute to this delay?
5- Some argue that technological advancements can reduce resource consumption without the need for degrowth, while others believe degrowth is necessary to mitigate environmental harm. To what extent is there hope that Noah Smith’s concept of our “single team” effort in fighting for our future, a way that these two approaches can coexist effectively?
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