Today, we are joined by Oded Galor, Professor of Economics at Brown University, for a conversation on how we can explore and uncover new ways of thinking about the economy, based on his book “The Journey of Humanity: The Origins of Wealth and Inequality”. We discuss inequality from a historical aspect and the roots of human behaviour, the Malthusian trap and how the industrial evolution has impacted humanity and how geography, culture and diversity is a key factor in achieving equality. We also address the costs and benefits of diversity within a society and how we need diversity to generate more growth and complex solutions, why China will be left behind due to a lack of cultural fluidity, the process of measuring diversity, how we can improve going forward and much more.
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00:00 - Intro
04:00 - Introduction to Oded Galor
07:29 - Fundamental insights from Galor’s book
09:49 - From Stagnation to Growth
21:22 - Education and the labour force
30:24 - The impact of longer-term structural forces
40:38 - Can new cultures emerge?
43:31 - How does diversity impact a society?
50:08 - Is China falling behind?
52:09 - How diversity should be measured?
59:11 - Galor’s advice for moving forward
01:06:00 - Key takeaways from Niels