EconTalk Daron Acemoglu on Shared Prosperity and Good Jobs
Sep 9, 2019
Daron Acemoglu, an esteemed economist from MIT, chats about the pressing need for shared prosperity and inclusive economies. He emphasizes that creating 'good jobs' is paramount over mere redistribution of wealth. The conversation dives into wage stagnation amidst economic growth, the dystopian future of wealth concentration, and how work shapes personal identity. Acemoglu also discusses the challenges posed by automation and globalization while exploring the government's essential role in fostering market dynamics and supporting the workforce.
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Shared Prosperity
- Shared prosperity has two components: no group left behind during economic growth, and wage/employment growth.
- Redistribution is not a sustainable solution for shared prosperity; the market economy must generate it.
Dystopian Future of Work
- An economy where few work and most live off transfers is dystopian and unsustainable.
- People derive meaning from work, and a transfer-based economy would likely lead to unhappiness and political instability.
Meaning of Work
- Work, historically, provides meaning, even if unpleasant, offering community and identity.
- Humans are evolutionarily programmed to work; finding meaning in jobs is common throughout history.