There is no necessity that the efficient balance of new tasks and automation will be created. Nor is that always going to be taking place at the same rate irrespective of the market. If the tech sector is monopolized by a few companies that may actually also affect the balance between new tasks andautomation. That really puts a very different spotlight on how we should think about technological change. And we cannot just say, oh, technological change is ongoing. Everything's going to be fine.
Economist and author Daron Acemoglu of MIT discusses his book Power and Progress with EconTalk host Russ Roberts. Acemoglu argues that the productivity and prosperity that results from innovation is not always shared widely across the population. He makes the case for the importance of regulating new technologies to ensure that the benefits of innovation are distributed equitably.