The Impact of Technological Innovation on Labor: A Contradictory View From Leading Economists
In their new book, “Power and Progress,” renowned economists Daron Acemoglu and Simon Johnson challenge the conventional wisdom that technological development always benefits the overall productivity of the economy. Drawing on a millennium-long perspective, they argue that historical patterns have often been different from what economic theory suggests. However, they do identify two exceptions to this trend: the latter half of the 19th century and the initial decades after World War II. What explains these exceptions, and what can we learn about the relationship between technology and labor?
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