AI Snips
Chapters
Transcript
Episode notes
Technology's Impact on Prosperity
- Technological progress doesn't automatically benefit everyone.
- The distribution of benefits depends on how technology changes and the rules governing its implementation.
Historical Examples of Uneven Progress
- During the Industrial Revolution, workers initially suffered, and the use of slaves in the US worsened after the cotton gin.
- Improvements came from institutional and technological changes, not automatically.
Developing Nations and Technological Progress
- Post-war growth in developing nations wasn't inevitable but resulted from specific economic reforms and institutional changes.
- Even with growth, inequality can increase, and automation might hinder developing nations' growth.