The good old days weren’t so good

The universe is pointed out by an economist. Noah SmithWhether it’s an asteroid hurtling through space or a hunger strike every few hours, it’s always trying to kill us. So why should we expect anything other than a gravitational pull towards poverty?

In this episode, Russ Roberts and Noah Smith reflect on movies and TV shows that depict “good old days” nostalgia for a specific era in the 1950s. They end with an exchange about various survival shows, including a Canadian show that was canceled because survival in agricultural living conditions in the late 1800s was too difficult for the contestants. Why do people tend to idealize certain historical periods, and how does this affect current views of progress, technology, and the economy? We hope you enjoy the exchange of ideas, comments and anecdotes about developments. As always, your responses are welcomed and encouraged.

1- Smith calls poverty the “fundamental enemy.” What does this analogy suggest about the nature of poverty and survival compared to other adversaries such as nuclear war or climate change?

2- “Industrial modernity” is described as a “technical building system” that maintains modern standards of living. How did Adam Smith foresee this in his preface? Wealth of Nations About division of labor?

3- The paradox of labor-saving technology reducing jobs while increasing productivity is an old phenomenon. As the debate over the future of AI continues to evolve, what potential consequences of technological unemployment do you see being underestimated or overestimated? why?

4- Roberts and Smith express curiosity as to why the Industrial Revolution did not occur earlier, even though key technologies were available in early civilizations such as Rome, China, and Latin America. What are potential explanations for why industrialization took so long, and how do the size 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 degrowth, while others believe that degrowth is necessary to mitigate environmental damage. Noah Smith’s concept of a “one team” effort fighting for our future – how much hope is there that these two approaches can effectively coexist?