The Role of Competition in the Development of Good Living Standards

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CNN's John Sutter says he doesn't see much in the history of technology that suggests it's been shepherded. He argues there are three critical ingredients for technology to have an effect like this. One is competition, another is coercion and a third is automation. But when all three happen at once, workers experience lower wages or lose their jobs., writes Sutter.

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.