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WEEK OF OCTOBER 12, 2025


** This Week on the Modern Economy and the Human Condition
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** Joel Mokyr on Growth, Innovation, and Stagnation ([link removed])
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In 2013, EconTalk host Russ Roberts spoke with Northwestern economist Joel Mokyr about growth, innovation, and why he rejected the notion that we were destined for stagnation. Mokyr argued that standard measures like GDP often miss the true welfare gains from transformative innovations, and he remained optimistic about the power of human creativity to drive progress. More than a decade later, his insights have been honored with the Nobel Prize in Economics, a recognition that underscores the enduring relevance of his vision for the future.
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** George Will on Executive Power and Civic Virtue ([link removed])
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In this special live recording of The Future of Liberty podcast, Mitch Daniels and George Will explore the ambitions and limits of American power—from the restless energy of the executive branch to the enduring strength of the republic’s institutions. Drawing on decades of political insight, Will reflects on executive overreach, the fatigue of the two-party system, and the civic virtues that sustain liberty in an age of ambition.
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** How does the growth of the modern economy shape the conditions of human life—and what role should reflection on the human condition play in understanding the meaning of economic progress?
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** "The drivers of technological progress and eventually economic performance were attitude and aptitude."” — Joel Mokyr
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The modern economy has transformed how we think about prosperity and the human condition. History reveals that innovation can expand human flourishing—but also unsettle how we live. Reflecting on these patterns clarifies what’s at stake in linking growth to well-being. This month’s featured resources explore the meaning of progress and its place in the human story.


** Articles
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** Economic Wisdom for Tumultuous Times ([link removed])
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Tawni Hunt Ferrarini, Scott Neiderjohn, Mark C. Shug & Wilfred M. McClay, A Call to Liberty ([link removed])

The challenges of inflation, fiscal imbalance, immigration, and trade in our own time echo the concerns that led America’s founders to seek independence, reminding us that prosperity and liberty require vigilance. By grounding today’s debates in the lessons of 1776, we see that social vitality is best sustained when governments respect consent, protect opportunity, and allow communities the freedom to pursue their own well-being.

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** Business and Human Flourishing ([link removed])
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Paul Mueller, Law & Liberty ([link removed])

Free enterprise has enabled societies to transform scarcity into opportunity by fostering creativity, responsibility, and cooperation. In today’s rapidly changing economy, sustaining human flourishing depends on preserving the freedom for individuals and communities to create value together.


** Ideas Mattered, But So Did Institutions ([link removed])
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Joel Mokyr, Online Library of Liberty ([link removed])

The history of Britain’s economic rise shows that ideas and institutions were not rivals but partners, shaping incentives, enforcing trust, and cultivating the skills that sustained innovation. By recognizing how beliefs and rules evolve together, we see that human development in both past and present depends on preserving frameworks that encourage creativity, honesty, and adaptive growth.


** David M. Hart, “Reassessing Bastiat’s Economic Harmonies after 160 Years” ([link removed])
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David M. Hart, Donald J. Boudreaux, Joseph T. Salerno, and Jörg Guido Hülsmann, Online Library of Liberty ([link removed])

Frédéric Bastiat’s unfinished but profound contributions remind us that economics is not only about prices and production, but about human action, exchange, and the harmony—or disharmony—that arises when law and liberty interact. His insights continue to illuminate how free exchange and limited government remain essential to human prosperity in any age.


** The Economics of Creativity and Innovation ([link removed])
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David P. Goldman, Law & Liberty ([link removed])

Edmund Phelps reminds us that prosperity cannot be reduced to policies or formulas but arises from the imagination and creativity of ordinary people willing to take risks and embrace uncertainty. A modern economy that sustains human growth depends not only on capital and technology, but also on cultivating a culture that prizes discovery, nurtures innovation, and calls individuals to create value beyond themselves.


** Podcasts
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** Tyler Cowen on the Great Stagnation ([link removed])
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EconTalk ([link removed])
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** Markets in America ([link removed])
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Law & Liberty Podcast ([link removed])


** Videos
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** A Conversation with Israel Kirzner ([link removed])
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EconTalk ([link removed])

Israel Kirzner, a leading figure in the Austrian tradition, emphasizes the entrepreneur’s role in discovery—identifying possibilities others have missed and thereby advancing the market process. Reflecting on his experiences with Ludwig von Mises and Friedrich Hayek, he illustrates how Austrian economics highlights the dynamic character of markets rather than static models. The conversation points to how the conditions for discovery and exchange remain central to economic progress and, ultimately, to broader human development.
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