The universe, notes economist Noah Smith, is always trying to kill us, whether it’s the planets moving through space or our hunger pangs of a few hours. Why, then, should we expect anything other than gravity from poverty?
In this episode, Russ Roberts and Noah Smith reflect on movies and TV shows that reflect the “good old days” of the 1950s era. They ended up discussing various survival programs, including a Canadian show that was canceled as surviving the late 1800s farming conditions was too challenging for the contestants. Why do people tend to think of certain periods of history, and how does this affect current ideas about progress, technology, and economics? We hope you enjoy this exchange of ideas, explanations and anecdotes about development. As always, your feedback is welcome and encouraged.
1- Smith calls poverty “the basic enemy.” What does this metaphor suggest about poverty and life compared to other enemies such as nuclear war or climate change?
2- “Industrial modernity” is defined as “a system of technical structures” that supports modern standards of living. How Adam Smith saw this in his opening The Treasure of Nations about the division of labour?
3- The paradox of labor-saving technologies that reduce jobs while increasing productivity is an old one. As the conversation continues to evolve about the future of AI, what potential consequences of technological inefficiencies seem to be underestimated or overlooked? Why?
4- Both Roberts and Smith express curiosity as to why the Industrial Revolution did not happen quickly, despite the availability of key technologies in earlier societies such as Rome, China, and Latin America. What are some possible explanations for why industrialization took so long, and how did market conditions, contemporary institutions, or other economic factors contribute to this delay?
5- Some argue that technological progress can reduce the use of resources without the need for degradation, while others believe that reduction is necessary to reduce environmental damage. How hopeful is Noah Smith’s idea of our “one team” effort in fighting for our future, how these two ways can coexist successfully?
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