#285 - Joel Mokyr (A Culture of Growth: The Origins of the Modern Economy (Graz Schumpeter Lectures)

Million Dollar Stories with Mike Fallat

Mike interviews Joel Mokyr
Welcome to an intellectually stimulating episode of our podcast, where we delve into the profound historical roots of the modern economy. Today, our host, Mike, engages in a riveting conversation with Joel Mokyr, the distinguished author of "A Culture of Growth: The Origins of the Modern Economy (Graz Schumpeter Lectures)." This episode is a must-listen for history enthusiasts, economists, and anyone interested in understanding the cultural and intellectual foundations that have shaped our current economic landscape.
Joel Mokyr is a renowned economic historian and professor at Northwestern University. His work bridges the gap between history and economics, offering deep insights into how cultural factors have driven economic development over the centuries. In "A Culture of Growth: The Origins of the Modern Economy (Graz Schumpeter Lectures)," Joel Mokyr explores the pivotal role of ideas, beliefs, and cultural attitudes in the rise of the modern economy, drawing from his extensive research and expertise in the field.
Joel Mokyr begins by discussing the central thesis of his book: that culture plays a crucial role in economic growth. He explains how the cultural transformation in Europe during the Enlightenment period fostered an environment that encouraged innovation, scientific inquiry, and economic progress. This cultural shift, he argues, was instrumental in setting the stage for the Industrial Revolution and the subsequent rise of the modern economy.
A significant portion of the conversation focuses on the Enlightenment, a period of intellectual and cultural flourishing in Europe. Joel Mokyr delves into how Enlightenment thinkers challenged traditional beliefs and promoted values such as rationality, empiricism, and progress. He explains how these ideas permeated society and influenced economic practices, leading to unprecedented technological advancements and economic growth.
Joel Mokyr emphasizes the interplay between ideas and economic change, highlighting how intellectual developments can drive economic transformation. He discusses the diffusion of knowledge and the importance of institutions that facilitated the exchange of ideas. Listeners will gain insights into how the intellectual climate of the time created a fertile ground for economic innovation and growth.
Throughout the episode, Mokyr highlights key figures of the Enlightenment and their contributions to economic thought. From Adam Smith to Isaac Newton, he explores how these intellectual giants influenced the way people thought about economics, science, and society. Their groundbreaking work, he argues, laid the foundation for modern economic theories and practices.
Mike and Joel Mokyr also explore the relevance of historical insights for understanding contemporary economic challenges. They discuss how lessons from the past can inform current policy decisions and economic strategies. This perspective is particularly valuable for policymakers, educators, and business leaders seeking to navigate today’s complex economic landscape.
For listeners looking to deepen their understanding of economic history and its impact on the present, Mokyr offers a wealth of practical advice. He suggests ways to engage with historical texts, appreciate the importance of cultural context, and draw meaningful connections between past and present economic phenomena.
This episode is more than just an academic discussion; it’s an invitation to rethink the factors that drive economic growth. Joel Mokyr encourages listeners to consider the importance of cultural and intellectual environments in shaping economic outcomes. He emphasizes that fostering a culture of

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