EconTalk The Ever-Present Challenge of Escaping Poverty (with Noah Smith)
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Aug 5, 2024 Economist Noah Smith, known for his insights on poverty and economic development, discusses the never-ending battle against poverty. He likens poverty to an elemental foe and emphasizes the importance of technological progress in combating it. Smith critiques the nostalgia for past eras, arguing that life wasn't necessarily better, and expresses skepticism towards the degrowth movement for its potential to undermine advancements. The conversation also touches on the paradox of modern economic development and the importance of maintaining human connections in a tech-driven world.
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King's Status
- Noah Smith references Monty Python to illustrate historical economic disparity.
- A king's status was marked by not being covered in "shit."
Industrial Modernity
- 'Industrial modernity,' a system of technological structures, sustains our living standards.
- This includes roads, agriculture, power grids, and the internet.
Labor Costs and Automation
- High labor costs may incentivize automation, as seen in Britain's Industrial Revolution.
- Cheap labor, like in ancient Rome with slavery, might delay automation.