Power and Progress
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Throughout history, technological change - whether in the form of
agricultural improvements in the Middle Ages, the Industrial
Revolution, or today's artificial intelligence - has been viewed as
a main driver of prosperity, working in the public interest. The
reality, though, is that technology is shaped by what powerful
people want and believe, generating riches, social respect,
cultural prominence, and further political voice for those already
powerful. For most of the rest of us, there is the illusion of
progress.Daron Acemoglu and Simon Johnson debunk modern
techno-optimism through a dazzling, original account of how
technological choices have changed the course of history. From
vivid stories of how the economic surplus of the Middle Ages was
appropriated by an ecclesiastical elite to build cathedrals while
the peasants starved, to the making of vast fortunes from digital
technologies today as millions are pushed towards poverty, we see
how the path of technology is determined and who influences its
trajectory. To achieve the true potential of innovation, we need to
ensure technology is creating new jobs and opportunities rather
than marginalizing most people, through automated work and
political passivity.We need to use the tremendous digital advances
of the last half century to create useful and empowering tools,
rather than ",so-so", technologies that replace workers but fail to
improve productivity, seizing back control from a small elite of
hubristic, messianic tech leaders pursuing their own interests.
With their breakthrough economic theory and manifesto for building
a better society, Acemoglu and Johnson provide the understanding
and vision to reimagine and reshape the path of technology and
create true shared prosperity.
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