Is Technological Progress Good For Everyone? With Daron Acemoglu
Capitalisn't
The Unintended Consequences of Deliberate Policies
In the last 16 years, real wages in China have increased eight times. There's been an enormous demand for production in China because it was very competitive. And thanks to the one-child policy, the supply of new people going to work in China did not increase much. So if you have increased the demand and shrinking supply, prices go up.
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