“The World Economic History in 4 Figures, 1 Photo, and 1 Table”
On January 11th, the latest Science Lecture Series: 20 Years of Ideas attracted more than 200 attendees to our Kirchberg Campus. Prof. Andreas Irmen delivered an engaging presentation that offered a profound perspective on the evolution of living standards across countries and time. The event was co-organized by the Economist Club Luxembourg.
Professor Irmen highlighted that for most of human history, populations endured a state of near-equal poverty. A convincing explanation of this state provide the ideas of the English reverend Thomas Malthus who emphasized the role of population growth as a countervailing force to any improvement in living conditions. Yet, Malthus failed to foresee the sustained increase in living standards that began in the second half of the 18th century with the Industrial Revolution. This transformative phase unfolded unevenly, creating substantial global disparities that have grown over time and persist until today. Despite these discrepancies and the problems associated with it, living standards have improved globally in the second half of the 20th century, a time span that may qualify as the greatest period of poverty alleviation in world economic history. World population growth, environmental degradation, the unfolding potential of new technologies, and a changing geopolitical landscape are key determinants of future living standards and their geographical distribution.
Professor Irmen’s thought-provoking insights set the stage for a dynamic and interactive networking cocktail that followed the lecture. In a convivial atmosphere, conversations deepened, and new connections flourished, bridging the realms of academia and industry.
In retrospect, the evening was an insightful exploration into one of the core topics of Economics as it is taught at the University of Luxembourg: the global distribution of standard of living and its evolution.
What an illuminating evening on the evolving landscape of global living standards!