EPISODE 38 | Why has technological progress slowed, even as AI promises to transform our world?

In this episode of the New Enlightenment Podcast from Adam Smith’s Panmure House, host Adam Dixon sits down with Professor Carl Benedikt Frey—Oxford economist and author of How Progress Ends—to explore one of the most pressing questions of our time: why are new technologies no longer delivering the economic and societal gains they once did?

Together, they examine:

🔸 The paradox of innovation without growth

🔸 The geopolitical race between the US and China

🔸The hidden bottlenecks in scientific discovery

🔸 The ways AI may both accelerate and undermine learning

Chapters

00:00 – Introduction: The Paradox of Progress

02:36 – Defining Progress vs. Improvement

05:45 – Technology, Well-Being, and Growth

08:45 – AI’s Promise and Its Limits

11:40 – Antimicrobial Resistance and Innovation Challenges

14:18 – Bottlenecks in Scientific Discovery

17:26 – AI, Learning, and Human Potential

21:47 – Lessons from Historical Innovation Races

24:17 – Could AI Slow Innovation?

28:46 – Incentives and the Architecture of Progress

34:28 – Work, Identity, and Human Worth

36:25 – Geoeconomics and the Battle for Tech Dominance

46:56 – Market Dynamism vs. State Capitalism

Drawing on history, economics, and cutting-edge research, Frey argues that progress is never inevitable—it depends on the right institutions, incentives, and market dynamism.

If you care about the future of productivity, prosperity, and human flourishing in the age of AI, you're going to want to listen to this episode.

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Professor Carl Benedikt Frey

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Professor Adam Dixon ⁠⁠

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Can classical liberals learn something from Michel Foucault?

It’s a question most proponents of free-market capitalism would never ask - but in this episode, Mark Pennington argues the answer is yes.

Joined by Adam Dixon, Pennington dismantles the academic silos around Foucault and repositions the postmodern critic of power as a surprising ally in understanding the erosion of liberal society.

They explore how Foucault’s work - usually mobilised to critique so-called neoliberalism - actually reveals how surveillance, managerialism, and technocratic control threaten the foundations of individual freedom. From public health mandates to ESG-driven policy, the conversation critiques the creeping illiberalism hiding behind progressive institutions and expert-led governance.

Pennington doesn't rehabilitate Foucault so much as weaponise him - arguing that if classical liberals want to understand how power works today, they need to take Foucault seriously, not dismiss him as a postmodern relic.

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Mark Pennington

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Adam Dixon

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In this episode, Adam Dixon and Bryan Cheang takea hard look at the promises and pitfalls of industrial policy, using the mission economy framework popularized byMariana Mazzucato as a case study.

They dig into essential questions:

Why do governments struggle as economicentrepreneurs?

What are the unseen risks when states try todirect innovation?

How do democracy, pluralism, and uncertaintycomplicate grand economic plans?

• Why do governments struggle as economic entrepreneurs?
• What are the unseen risks when states try to direct innovation?
• How do democracy, pluralism, and uncertainty complicate grand economic plans?

Drawing from East Asia’s development stories, the debate around state-owned enterprises, and the limits of authoritarian economic governance, Cheang argues for a freer, more pluralistic approach to economic progress. They explore how concentrated state power can hinder innovation and why a “system of natural liberty” still offers the best path for sustainable growth.

Key themes:industrial policy, mission economy, state-led innovation, opportunity costs, democracy, East Asian development models, and the tension between control and liberty in economic systems.

Essential listening for anyone asking who should shape the future of economic innovation — governments or markets.

Adam Smith's Panmure House
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Adam Dixon
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Bryan Cheang

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In this thought-provoking episode, Adam Dixon sits down with Jens Hillebrand-Pohl to unpack the fascinating world of geoeconomics —where global power struggles, political motivations, and economic strategies collide. Together, they delve into how nations use economic tools like sanctions, investment restrictions, and trade policies to exert influence and advance national interests, often in ways that defy classical economic reasoning.

Hillebrand-Pohl offers a nuanced, historical perspective on economic statecraft and discusses how contemporary challenges — from the Trump administration’s economic manoeuvres to the resurgence of mercantilist practices- signal a transformative era for global affairs. The conversation highlights the essential role of collaboration across law, finance, risk management, and strategic communication in understanding and navigating the complexities of geoeconomics.

Whether you're a policymaker, strategist, investor, or simply curious about how economics and geopolitics intertwine, this episode offers a timely, insightful guide to decoding the invisible forces shaping our world.

Key Takeaways

• Geoeconomics bridges the gap between geography and economics to explain policies that often defy traditional economic logic.
• Sanctions and investment restrictions are powerful tools of modern economic statecraft.
• Power dynamics — not welfare optimization — often drive national economic policies.
• Skepticism and critical analysis are crucial when interpreting political actions and economic decisions.
• Geoeconomics is still evolving, with practical applications being developed by multidisciplinary teams of legal, financial, risk, and strategic communication professionals.
• The world is witnessing a return to mercantilism and increasingly seeing the state act as an instrument for business interests.

Adam Smith's Panmure House

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Adam Dixon

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LinkedIn

Jens Hillebrand-Pohl

https://www.geoeconomics.fi/

https://www.linkedin.com/company/helsinki-geoeconomics/posts/?feedView=all https://www.linkedin.com/in/jens-hillebrand-pohl/

In this episode, Adam Dixon and Hylke Dijkstra dive into the future of global cooperation. They discuss the challenges facing international organisations, the lasting effects of Trump’s policies, and China’s growing role on the world stage. With real-world examples and bold predictions, this conversation sheds light on where global politics is headed next.

Key Takeaways:

• International organisations play a key role in global governance.
• Over 300 international organisations are currently active worldwide.
• Historical examples like the League of Nations provide insights into current challenges.
• The Trump administration's policies threaten the future of multilateralism.
• China's assertiveness in international organisations is a growing concern.
• The need for reform in international organisations is evident.
• Emerging powers are reshaping the landscape of global governance.

Adam Smith's Panmure House:

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Adam Dixon:

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Hylke Dijkstra:

On Linkedin

Maastricht University

New book: https://academic.oup.com/book/59488

Adam Dixon and Robyn Klingler-Vidra break down the intricate ties between government policy, venture capital, and innovation. They explore how nations foster—or stifle—startup ecosystems, why venture capital isn’t a guaranteed path to success, and the global forces shaping entrepreneurship. From Europe's scale-up struggles to China's hyper-competitive market, they reveal the cultural, economic, and geopolitical factors driving (or hindering) innovation.

Key Takeaways

• Governments are increasingly acting as venture capitalists to spur innovation.
• Venture capital plays a crucial role in fostering start up-led innovation.
• A high number of start ups does not necessarily equate to greater business dynamism.
• The best innovation ecosystems complement existing industries rather than replicate others.
• Europe continues to struggle with the 'scale-up problem' for its start ups.
• Bureaucracy remains a major obstacle for business growth in Europe.
• China's innovation pace outstrips Europe's, driven by intense competition.
• Geopolitical tensions are reshaping venture capital and start up ecosystems worldwide.

Adam Smith's Panmure House:

⁠Website⁠

Adam Dixon:

⁠On X⁠

⁠On LinkedIn

Robyn Klingler-Vidra:

https://www.linkedin.com/in/dr-robyn-klingler-vidra/

https://www.kcl.ac.uk/people/robyn-klingler-vidra

Robyn’s latest book Start-up Capitalism: https://www.cornellpress.cornell.edu/book/9781501780318/startup-capitalism/#bookTabs=1