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Michael Chui: Fascinating. You mentioned talent. You recently coauthored a book with Daniel Gross entitled Talent: How to Identify Energizers, Creatives, and Winners Around the World. What was the central thesis of this book?
Tyler Cowen: That talent is remarkably important. That we’re doing a poor job, misallocating talent. And there are a variety of ways, outlined in the book, we can do better. This book tries to be “the” talent book: a one-stop shopping guide to how to think about identifying talent.
Michael Chui: What are the macro implications of [the] lack of good matching? Is this a potential for accelerating productivity, for instance?
Tyler Cowen: We have slower economic growth when we don’t match talent well. We have a lower level of per capita income. When a recession comes, as was the case in 2008, labor markets adjust much more slowly. The consequences for human welfare are considerable.
Author(s): Michael Chui, Tyler Cowen
Publication Date: 28 Sept 2022
Publication Site: McKinsey