Unions generally raise wages by restricting access to those jobs. I completely agree with you, creative distruction is key. We make creative distraction an important part of our over narrative in why nations fail. But creative destruction can happen in many different ways. And i guess one way of articulating what iam saying is that there is no guarantee that left to its own devices the market economy will automatically generate the right type of creative destruction.
Economist and author Daron Acemoglu of MIT discusses with EconTalk host Russ Roberts the challenge of shared prosperity and the policies that could bring about a more inclusive economy. Acemoglu argues for the importance of good jobs over redistribution and makes the case for the policies that could lead to jobs and opportunities across skill levels.