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
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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What’s driving China’s economic dominance — and what does it mean for the world?
In this episode, host Adam Dixon is joined by Dr. Jostein Hauge, an expert on industrial policy and global development, to dissect the forces behind China’s rapid economic rise.
From state-led industrial strategies to market competition under strict state control, we explore how China is reshaping global manufacturing, innovation, and geopolitics.
Key themes:
How China became the world’s top manufacturing power
The role of industrial policy and internal market competition
Why global perceptions of China differ across regions
The myths and realities behind the “China threat” narrative
What China’s economic model means for global competition, innovation systems, and Western welfare states
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?
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
Website
Adam Dixon
On X
On LinkedIn
Bryan Cheang
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
Adam Smith's Panmure House
Adam Dixon
Jens Hillebrand-Pohl
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:
Adam Smith's Panmure House:
Adam Dixon:
Hylke Dijkstra:
New book: https://academic.oup.com/book/59488
Adam Dixon and Robin 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
Adam Smith's Panmure House:
Adam Dixon:
On LinkedInRobin Klingler-Vidra:
https://www.linkedin.com/in/dr-robyn-klingler-vidra/
https://www.kcl.ac.uk/people/robyn-klingler-vidra
Robyn’s latest book Startup Capitalism: https://www.cornellpress.cornell.edu/book/9781501780318/startup-capitalism/#bookTabs=1
In this episode, we explore the intricate relationship between the Chinese Communist Party (CCP) and China’s economic development. Adam Dixon and Jeff Henderson discuss the CCP’s influence on business operations, the historical impact of the Great Leap Forward, Deng Xiaoping’s market reforms, and Xi Jinping’s leadership. We also examine China’s global investments, competition within its economy, and the geopolitical tensions shaping trade relations between China, Europe, and the West.
Key topics discussed:
Adam Smith's Panmure House:
Adam Dixon:
Jeff Henderson:
In this episode of New Enlightenment, Adam Dixon sits down with Ilan Kelman to unravel the complex realities behind disasters, climate change, and the power of effective communication. Kelman challenges the common notion of “natural disasters,” emphasizing that disasters are driven by human choices and public policy failures rather than nature alone.
The conversation dives into why understanding the baselinecauses of disasters — from poor urban planning to inadequate forest management — is critical to reducing their impact. Kelman argues that fear-based messaging around climate change often backfires, stressing the importance of tailored communication strategies that resonate with diverse communities.
Key topics explored include:✅The role of public policy in exacerbating disaster risks
✅ The urgent need for alternatives to fossil fuel dependency
✅ How forest management can mitigate wildfire dangers
✅The complexities of climate migration and whythe term "climate refugee" remains legally and politically problematic
✅The unique challenges faced by vulnerable communities— from Arctic populations to island nations — and the need for localised solutions
Kelman also highlights the importance of engaging in difficult conversations, especially when it comes to transportation policies, community resilience, and the socio-economic factors that shape disaster outcomes.
Throughout the episode, the central theme remains clear: collaboration, dialogue, and evidence-based communication are key to tackling today’s most pressing climate challenges. Scientists, policymakers, and communities must work together to shift public perception and drive meaningful action.
Adam Smith's Panmure House:
Adam Dixon:
Ilan Kelman:
In this episode, Adam Dixon sits down with RobertoDuran-Fernandez to explore North America's shifting trade landscape. They examine Mexico’s growing role in global supply chains, the impact of recent U.S.-Mexico trade agreements, and the evolving U.S.-China trade rivalry. The conversation dives into nearshoring trends, accelerated by the COVID-19 pandemic, and how geopolitical tensions are reshaping trade policies.Key topics include:
Adam Smith's Panmure House:
Adam Dixon:
Roberto Duran-Fernandez
In this episode, Francesca Ghiretti joins Adam Dixon to discuss the complexities of the China-US rivalry and its implications for Europe and the UK. They explore the escalating tensions between the two superpowers, the impact of self-sufficiency trends, and the challenges Europe faces in navigating its relationship with China while maintaining strong ties with the US. The discussion highlights the need for diversification and strategic planning in the face of economic uncertainties and geopolitical shifts. The conversation also covers the evolving political landscape in Europe, focusing on the UK's economic security, the EU's rightward shift, and the implications of these changes for European unity and defence spending. They explore the challenges of industrial policy, and the importance of creating ecosystems for successful industrial strategies. The discussion highlights the complexities of navigating national interests within the EU and the need for coordinated efforts to address pressing issues.
Takeaways:
Adam Smith's Panmure House:
Adam Dixon:
Francesca Ghiretti:
Geoeconomic Competition podcast
Chinese Investments and the Economic Security Turn in Europe
In this conversation, Adam Dixon and Amir Lebdioui delve into the intricacies of green industrial policy, emphasising its necessity in a climate-conscious world. They explore the economic advantages for developing countries to adopt green strategies, the challenges of fossil fuel development, and the importance of equity in energy transitions. The discussion also highlights the role of oil companies in the energy transition and the need for effective monitoring and evaluation of industrial policies. Ultimately, they stress the importance of adaptability and the involvement of civil society in shaping successful green policies. The discussion also highlights global examples of successful green policies, particularly focusing on China's competitive landscape in green technology and the geopolitical implications of these developments.
Takeaways
Adam Smith's Panmure House:
Adam Dixon:
Amir Lebdioui:
https://www.qeh.ox.ac.uk/person/amir-lebdioui
Survival of the Greenest: Economic Transformation in a Climate-conscious World
In this conversation, our guest Stacy Swann discusses the evolution of climate finance, particularly in the context of COP meetings and the role of blended finance. She explains how the definition of climate finance has changed over the years, moving from a narrow focus on development aid to a broader understanding that includes private investment. The discussion also highlights the importance of blended finance in catalysing private capital for climate-related projects and the challenges of ensuring that funds are used effectively to address climate change. The dialogue emphasises the need for a balanced approach between mitigation and adaptation strategies, the importance of optimising blended finance, and the cautious optimism surrounding the financial sector's ability to contribute to climate solutions.
Takeaways
Adam Smith's Panmure House:
Adam Dixon:
Stacy Swann:
In this conversation, Adam Dixon and Professor Darius Wojcik explore the field of financial geography, its distinctions from economic geography, and the importance of mixed methods in understanding financial systems. They discuss the Atlas of Finance, a comprehensive project that visualises financial data and relationships, emphasising the role of qualitative research in uncovering insights that quantitative data alone may miss. The conversation also delves into the definition of finance, its historical context, and the significance of visualisation in presenting financial information. In this conversation, Dariusz Wójcik and Adam Dixon explore the intricate relationships between finance, economics, and the environment, emphasising the historical context of these concepts. They discuss the distinction between economic and financial systems, the implications of socialist economies, and the role of Adam Smith as a financial geographer. The conversation also delves into the surprises encountered in the creation of the Atlas of Finance and the geopolitical tensions shaping the future of finance.
Takeaways
Adam Smith's Panmure House:
Adam Dixon:
Dariusz Wójcik: On X
In this conversation, Jean-Baptiste Wautier, veteran private equity leader, joins host Adam Dixon to discuss the complexities of capitalism, discussing its benefits, challenges, and the pressing need for reinvention. They explore the issues of inequality, environmental concerns, and the cyclical nature of economic booms and busts. Wautier emphasises the importance of shifting the focus from short-term profit to long-term purpose, advocating for a capitalism that prioritises societal solutions and minimises negative externalities. The discussion highlights the potential for a more sustainable and equitable economic model that addresses the root causes of current challenges. The dialogue emphasises the need for a shift in mindset where profit is seen as a by-product of solving societal problems rather than the primary goal.
Takeaways
Adam Smith's Panmure House:
Adam Dixon:
Jean-Baptiste Wautier:
In this episode, Adam Dixon and Aniket Shah discuss the implications of Donald Trump's presidency on climate change and energy policy, China's lead in the green technology sector, and the current thinking on ESG investing. They explore the complexities of global emissions, the potential for breakthroughs in energy technology, and the need for adaptation strategies in a warming world. They also explore the financial implications of climate change solutions, emphasizing that the costs associated with addressing climate change are manageable when viewed in the context of global GDP and energy spending. The conversation also critiques the ESG (Environmental, Social, and Governance) framework, addressing the confusion within the ESG community regarding its purpose and effectiveness. Ultimately, they advocate for a clear understanding of the system and the roles different stakeholders play in driving sustainable finance and climate action.
Takeaways
Adam Smith's Panmure House:
Adam Dixon:
Aniket Shah:
In this conversation, Adam Dixon and Samuel Gregg delve into the life and influence of Friedrich Hayek, a pivotal figure in classical liberal thought. They explore Hayek's multifaceted approach to economics and politics, his critiques of collectivism, and the contemporary misinterpretations of his ideas as far-right. The discussion also touches on Hayek's vision for a balanced state that plays a crucial role in society while allowing markets to function effectively. They delve into the resurgence of neo-mercantilism, and the implications of industrial policy in the context of national security. The discussion highlights the complexities of modern economic arrangements and the challenges posed by state capitalism and corporatism.
Takeaways
Adam Smith's Panmure House:
Adam Dixon:
Samuel Gregg:
https://aier.org/author/samuel-gregg/
In this conversation, Adam Dixon and Kerry Brown explore the intricate historical relationship between Britain and China, spanning over 400 years. They discuss the importance of understanding this history in the context of contemporary geopolitics, particularly as tensions rise between the West and China. Brown emphasizes the need for a historical perspective to navigate current challenges, highlighting the evolution of Chinese nationalism and the impact of Xi Jinping's leadership. The discussion also touches on the Enlightenment's fascination with China, Britain's colonial legacy, and the complexities of modern Chinese identity and governance.
Takeaways:
Adam Smith's Panmure House:
Adam Dixon:
Kerry Brown:
On LinkedIn
https://www.kcl.ac.uk/people/kerry-brown
https://yalebooks.co.uk/book/9780300272925/the-great-reversal/
In this episode we are joined by Ryan Streeter, the Executive Director of the Civitas Institute at the University of Texas at Austin. The conversation explores the emergence of new schools of civic leadership in response to perceived ideological monocultures on university campuses, the importance of open inquiry and critical thinking in education, and the challenges of fostering economic dynamism in both the U.S. and the UK.
Adam Smith's Panmure House:
Adam Dixon:
Ryan Streeter:
This conversation with Niall Ferguson unpacks the state of Western universities today. Our conversation begins with a discussion on the importance of the Scottish Enlightenment in shaping the modern world. We then discuss the growing illiberalism at Western university, considering the reasons behind the upstart University of Austin.
Adam Smith's Panmure House:
Adam Dixon:
Niall Ferguson:
