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At #MarkusAcademy we had @MITEcon Daron Acemoglu @DAcemogluMIT to discuss his new book with Simon Johnson @baselinescene: “Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity.” A thread with the highlights 👇👇1/6
ilp.mit.edu/node/59183
ilp.mit.edu/node/59183
Their book coins the term “The Productivity Bandwagon”: the idea that technological progress will always lift all boats. Economists tend to think this way: as firms try to hire more workers, they will increase wages. However, history suggests the bandwagon is not guaranteed 2/6
To secure shared prosperity you need two things: (1) Technology has to improve workers’ productivity, and (2) workers must benefit from that productivity. Often the coercive structure of the economy prevents workers from doing so, even if they were more productive 3/6
