What explains the explosion in the wealth and productivity of modern societies over the past 250 years? This subject is much debated.
Speakers provided 30-minute summaries of their perspectives. Following these presentations was be a roundtable moderated by James Heckman that enabled speakers to interact and comment on the contents of each lecture. This was followed by an open forum for audience participation.
Deirdre McCloskey emphasized the role of the liberalization of ideas favoring a culture of free speech and an economy of enterprise and exchange: a culture of equality in which all are liberated to speak, to vote, and to buy and sell freely. The liberal society fosters a culture that makes people bold to venture into all of the unknowns in society, including geography and ideas. A paper on this point of view is posted here.
Joel Mokyr emphasized the link between the Industrial Revolution and the Enlightenment, interpreted as a movement that advocated and promoted institutions that promoted the accumulation of useful knowledge. Useful knowledge was promoted by a network of scholarly societies, publications, and informal networks that created the conditions for rapid economic growth. See his paper here.
James Robinson brought a new non-Western element into the discussion. He asked how we should interpret conventional models of the sources of economic growth in light of the recent Chinese experience. He argued that social science does not have a convincing explanation for how China has so successfully combined elements of a market economy with what appears to be totalitarianism for the past 50 years. There is an obvious cultural explanation for this, based on Confucianism, but it is one which appears to be outside of the scope of our theories. He used this challenge to our understanding and frameworks to pose some questions about what it takes to have growth, whether there are non-western models of growth (surely China cannot be the only possibility) and whether we have anything to learn from such models. See paper here.
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Agenda
Reception
Light refreshments will be provided.
Welcome Remarks and Introductions
Chang-Tai Hsieh, Phyllis and Irwin Winkelried Distinguished Service Professor of Economics and PCL Faculty Scholar, University of Chicago Booth School of Business
Liberalism Caused the Great Enrichment
Remarks by Deirdre McCloskey, Distinguished Scholar, Isaiah Berlin Chair in Liberal Thought, Cato Institute
Culture vs Institutions in the Great Enrichment
Remarks by Joel Mokyr, Robert H. Strotz Professor, Northwestern University
Economic History in the era of Chinese Economic Growth
Remarks by James Robinson, Reverend Dr. Richard L. Pearson Professor of Global Conflict Studies; Institute Director, The Pearson Institute for the Study and Resolution of Global Conflicts, University of Chicago
Break
Roundtable Discussion
Deirdre McCloskey, Cato Institute
Joel Mokyr, Northwestern University
James Robinson, University of Chicago
James Heckman, Henry Schultz Distinguished Service Professor of Economics, University of Chicago (Moderator)