Adapted from the blog post of William Easterly
This a 20 minute extemporaneous talk at UNICEF headquarters in New York on the topic of “Inclusive Growth”. After the talk, there is a question, comment, and response session with the audience. The full video is an hour, if you are really a masochist. (Try this link if the video player above doesn’t work.)
To summarize the talk: success is intrinsically uneven, so development and growth is intrinsically uneven, not “inclusive”. (See the earlier post about the fractal stubborness of uneven geographic wealth.) In this talk, I also mention how remarkably uneven success shows up in just about every field of endeavor. One way this shows up is in a “power law”: there is such a strong negative relationship between the frequency of success and the scale of success that we have to use a logarithmic scale (i.e. a scale where every unit increase means multiplying by 10) for both to be able to fit the extremes onto the graph, like the one below:
There is no evidence that large-scale redistribution programs can succeed without killing off growth, but targeting things like health and education to the poor has worked and could work even more. Lastly, the best thing of all you can do for “inclusive growth” is asserting the individual human rights of all, including women, gays, and religious, racial, and ethnic minorities. For more detail to fill out these ideas, please watch the video.
UPDATE: Answer to how many Beatles hits out of 188 recorded songs on their 14 albums are hits today: 15. Even the most successful band in rock history could only produce a lasting hit about 8% of the time (please draw your own profound insights into the intrinsic unevenness of success and non-inclusive growth).
One way to think about talent
2 hours ago