The social and political context determined the two most important factors shaping wages, human capital and technology. Together with these institutional political institutional changes came a whole revolutionary set of changes in the education syteem. So education ceased to be an elete activity, or the sons and daughters of the very prosperous, privileged part of society must sons. The sons tisere at that time, mostly the sons a absolutelys yess. That's what i should have said, er and and became basically available to the masses.
Daron Acemoglu, the Elizabeth and James Killian Professor at the Massachusetts Institute of Technology, talks with EconTalk host Russ Roberts about his new paper co-authored with James Robinson, "The Rise and Fall of General Laws of Capitalism," a critique of Thomas Piketty, Karl Marx, and other thinkers who have tried to explain patterns of data as inevitable "laws" without regard to institutions. Acemoglu and Roberts also discuss labor unions, labor markets, and inequality.