J. Bradford DeLong, Professor of Economics at the University of California, Berkeley, is a research associate at the National Bureau of Economic Research and the author of Slouching Towards Utopia: An Economic History of the Twentieth Century (Basic Books, 2022). He was Deputy Assistant US Treasury Secretary during the Clinton Administration, where he was heavily involved in budget and trade negotiations. His role in designing the bailout of Mexico during the 1994 peso crisis placed him at the forefront of Latin America’s transformation into a region of open economies, and cemented his stature as a leading voice in economic-policy debates.
BERKELEY – Humanity as a whole is wealthier today than at any time in its history. And yet, from the short-term challenge of the pandemic to the existential threat of global warming, there is a widespread sense that things are going badly wrong. The start of a new year is an occasion for hope, but is pessimism the more appropriate default?
To answer that question, we should consider our current situation in a broader context. For the first ten thousand years after the invention of agriculture, humanity had no chance of achieving any approximation of “utopia,” regardless of how one defined that term. Then, within our parents’ and grandparents’ lifetimes, something approaching that ideal came into view. Yet we have repeatedly failed to grasp it. As my friend the late Max Singer used to say, a truly “human world” will remain out of reach until we have figured out the politics of wealth distribution.
Until just a few generations ago, humanity marched to a Malthusian drum. With technological progress ploddingly slow and mortality extremely high, population size was everything. In a world where almost one-third of elderly women had no surviving sons or grandsons, and hence no social power, there was immense pressure to have more children in one’s childbearing years. The resulting population growth (without commensurate growth in the size of farms) offset any gains in productivity and incomes from better technology and kept typical living standards low and stagnant.
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