EconTalk Daron Acemoglu on Innovation and Shared Prosperity
8 snips
Jul 31, 2023 
Daron Acemoglu, a renowned MIT economist and co-author of "Power and Progress," reveals how innovation can inadvertently widen economic disparities. He discusses the critical need for regulation to ensure technological benefits are distributed fairly. Acemoglu dives into the historical impacts of labor rights, competition, and the role of trade unions in wage distribution. He emphasizes the balance between automation and employment, advocating for ethical tech practices that protect workers while driving progress.
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Technology's Double-Edged Sword
- Technological progress has brought prosperity and improved well-being.
- It doesn't automatically benefit everyone and requires careful guidance.
Medieval Windmills: A Case of Uneven Distribution
- Medieval windmills showcase technology's potential and its misapplication.
- Increased productivity didn't benefit peasants due to monopolization by lords.
The Cotton Gin's Dark Side
- The cotton gin revolutionized the Southern U.S. economy, but worsened conditions for enslaved people.
- Their labor was exploited, and their lives became harsher.
