The New Bazaar


The Great Turnaround

Season 1, Ep. 1

Economist Peter Blair Henry has dedicated his career to understanding how a developing country can become more prosperous, lift more people out of poverty, and give its citizens better choices for how to work and live. He joins Cardiff to share his findings on this question from “The Baker Hypothesis”, a newly published paper he co-authored with Anusha Chari and Hector Reyes. Peter also gives his thoughts on the “degrowth” movement, the tricky balance between market-friendly policies and the role of government, and the evolution of economics. Finally, he shares his own personal experience of an economic catastrophe in his native Jamaica, which forced his family to uproot when he was young and sent him down this career path.

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More Episodes


When talent is no longer wasted

Season 1, Ep. 9
In 1960, only six percent of all the doctors and lawyers in the country were either women (of all races and ethnicities) or men of color. All the rest -- the overwhelming majority -- were white men. Fast forward half a century. By the year 2010, women and nonwhite men were 38 percent of doctors and lawyers. A similar integration occurred in other high-paying professions that required college and post-graduate degrees.According to a paper by economist Chang-Tai Hsieh and his co-authors, this deepening integration accounted for an astonishing 40 percent of the per-capita economic growth in the country during this period.Like much of Chang-Tai’s other work, this paper is about what happens when people are finally able to apply their talents in ways that best take advantage of those talents -- and what a tragedy it is, for all of us, when they can’t.And that’s why this story is not entirely a happy one. Mainly because there is so much progress that is still left to be made. But also because the progress that was being made appears to be slowing down. And for some people, it might even be reversing.Links from the episode:“The Allocation of Talent and U.S. Economic Growth” (“Housing Constraints and Spatial Misallocation” ( Hsieh’s research page ( and Aimee are on Twitter at @CardiffGarcia and @AimeePKeaneSend us an email! You can write to us at