For much of human history, economies experienced little to no growth, remaining largely stagnant over centuries. However, a significant shift occurred during the Enlightenment era, when technological advancements began to drive consistent economic expansion. This transformation has been the focus of recent Nobel Memorial Prize-winning research in Economic Sciences. The 2024 award recognized three scholars who have deepened our understanding of how innovation fuels long-term prosperity. One of them, Joel Mokyr, has dedicated his career to studying European economic development and the role of knowledge accumulation in fostering progress. His insights highlight how cultural and institutional changes in early modern Europe created fertile ground for scientific inquiry and technological experimentation, ultimately leading to the industrial breakthroughs that reshaped global economies. These developments mark a departure from earlier periods where advancement was rare and often reversed.
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Why do we live in unusually innovative times? : The Indicator from Planet Money
For most of human history, economic growth was, well, pretty bleak. But around the Enlightenment, things started clicking. This year’s Nobel Memorial Prize in Economic Sciences went to a trio of researchers whose work focuses on how technological progress led to this sustained economic growth. Today we hear from one of them, Joel Mokyr, about his work on European economic history. n nRelated episodes: n nWhy are some nations richer? (2024 Economics Nobel) n nA conversation with Nobel laureate Claudia Goldin (2023 Economics Nobel) n nWhen Luddites attack (Update) (Featuring Joel Mokyr)