Technology is malleable and its development should be guided towards pro-human outcomes, acknowledging the power of choice and the need for institutions to ensure broad-based prosperity.
Creating a technological path that benefits both labor and capital can lead to shared prosperity, emphasizing the importance of cooperative relationships and countervailing powers.
Deep dives
The Choice of Technological Progress and Its Consequences
The podcast episode explores the idea that technological progress is not inherently beneficial and that the path of technology is malleable, leading to different distributional consequences. The speaker challenges the deep-rooted techno-optimism that claims technology always brings broad-based benefits, emphasizing the importance of considering the specific direction of technological development and how it can be used to generate pro-human outcomes. Historical examples such as the Panama Canal and the medieval era are discussed to illustrate the potential pitfalls of unchecked technological progress. The speaker advocates for creating a narrative that acknowledges the power of choice in shaping technology and emphasizes the need for institutions that distribute political power and create countervailing powers to ensure broad-based prosperity.
The Role of Labor and Capital in Technological Progress
The podcast explores the relationship between labor and capital in the context of technological progress. It is emphasized that there is not necessarily a conflict between the two, as creating a technological path that is pro-human and beneficial for workers can also benefit businesses. Examples like the social democratic equilibrium in Sweden after the Great Depression are given to demonstrate how a cooperative relationship between labor and capital can lead to shared prosperity. However, the speaker notes that in recent decades, many businesses have adopted strategies focused on reducing labor costs and increasing automation, leading to concerns about joblessness and increased inequality. The importance of creating a technological path that benefits both labor and capital is highlighted as a way forward.
The Need for Active Engagement and Regulation
The podcast emphasizes the need for active engagement and proactive attitudes towards technology. It is argued that people should be concerned about the future of work, inequality, and democracy, but that this concern should be accompanied by a commitment to getting involved in shaping technology and its impacts. The importance of building counter-veiling powers, new institutions, and labor movements is highlighted as a means to ensure that technology is used in a more pro-human and labor-friendly way. The speaker acknowledges the role of regulation and policy, suggesting that regulatory frameworks need to be developed to protect data privacy, encourage corporations to use technology in a labor-friendly manner, and level the playing field between capital and labor. Experimentation and the exploration of different regulatory approaches are seen as vital in navigating the challenges posed by technology.
Advice for Navigating the Technological Revolution
In navigating the current technological revolution, the podcast suggests several actions that individuals can take. Firstly, it is important to actively participate in the conversation surrounding technology and to demand a say in shaping its future direction. The idea that only experts can have a say is challenged, and the public is encouraged to engage in discussions about where AI technology should go. Additionally, individuals should consider their own roles in the labor market and focus on developing flexible skills, such as social and communication skills, which are unique to humans and not easily replicated by algorithms. Lastly, a proactive attitude and the willingness to adapt and learn in response to technological changes are recommended for successfully navigating the stormy waters of the technological revolution.
In the Middle Ages, agricultural advancements enriched the nobility and the Church, which used the wealth generated to build themselves magnificent houses and cathedrals, while the peasants went hungry. The early years of England’s industrial revolution brought stagnant incomes for the working class. In recent decades technological advances have put untold amounts of wealth into the hands of the 0.1 per cent, while today, the sudden leap forward in artificial intelligence is threatening jobs and democracy through automation, data collection, and surveillance.
But does it have to be this way? MIT economist Daron Acemoglu has an alternative vision. His big idea: wrest control of AI from the hands of a few arrogant tech leaders and empower society instead. Is technology too important to leave to the billionaires? Can AI really be democratised? Listen now to this conversation hosted by Carl Miller, recorded in London.