To Make a Better World

Here is a lecture by William Bernstein at Google on Sept 20, 2007. He is the author of the book "The Birth of Plenty".

He discusses the history of economic growth and identifies four key factors (about 20 minutes in):

1. Property Rights
2. Scientific Rationalism
3. Capital Markets
4. Power, Transportation, and Communication
   

He gives a devastating critique of the guilt over colonialism. Watch the video to see what he says (about 26 minutes in).

He also talks about development economics. I enjoy the part where he holds people like Jeffrey Sachs and Bono up to ridicule for talking about "aid" as the way to get poor countries out of their poverty rut. Bernstein says it takes several generations and that there are only three routes to developing a wealthy country (about 38 minutes in):

1. cut population (think Black Death)
2. improve institutions (takes 60+years)
3. let the best & brightest immigrate and send back remittances.