Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity
by Daron Acemoglu and Simon Johnson · 15 May 2023 · 619pp · 177,548 words
Copyright © 2023 by Daron Acemoglu and Simon Johnson Cover design by Pete Garceau Cover copyright © 2023 by Hachette Book Group, Inc. Hachette Book Group supports the right to free expression
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of Congress Cataloging-in-Publication Data Names: Acemoglu, Daron, author. | Johnson, Simon, author. Title: Power and progress : our thousand-year struggle over technology and prosperity / Daron Acemoglu and Simon Johnson. Description: First edition. | New York : PublicAffairs, 2023. | Includes bibliographical references and index. Identifiers: LCCN 2022059230 | ISBN 9781541702530 (hardcover) | ISBN 9781541702554 (ebook) Subjects
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Digital Damage 9 Artificial Struggle 10 Democracy Breaks 11 Redirecting Technology Photos Bibliographic Essay References Acknowledgments Discover More Image Credits About the Authors Also by Daron Acemoglu Also by Simon Johnson Praise for Power and Progress Daron: To Aras, Arda, and Asu, for a better future Simon: To Lucie, Celia, and Mary
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/3.0>, via Wikimedia Commons; https://commons.wikimedia.org /wiki/File:Ted_Nelson_cropped.jpg 34. Benjamin Lowy/Contour by Getty Images Cody O’Loughlin DARON ACEMOGLU is Institute Professor of Economics at MIT, the university’s highest faculty honor. For the last twenty-five years, he has been researching the historical
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White House Burning and of the national bestseller 13 Bankers. He works with entrepreneurs, elected officials, and civil-society organizations around the world. ALSO BY DARON ACEMOGLU Why Nations Fail: The Origins of Power, Prosperity, and Poverty (with James Robinson) The Narrow Corridor: States, Societies, and the Fate of Liberty (with James
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1970s, making it more grotesquely unfair than ever just as automation and offshoring jobs changed the game as well. Now with AI, renowned MIT economists Daron Acemoglu and Simon Johnson explain in their important and lucid book how the transformation of work could make life even worse for most people, or, possibly
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is long overdue.” —Sir Angus Deaton, 2015 Nobel laureate in economics and coauthor of Deaths of Despair “If you are not already an addict of Daron Acemoglu and Simon Johnson’s previous books, Power and Progress is guaranteed to make you one. It offers their addictive hallmarks: sparkling writing and a big
The Narrow Corridor: States, Societies, and the Fate of Liberty
by Daron Acemoglu and James A. Robinson · 23 Sep 2019 · 809pp · 237,921 words
A. Robinson Why Nations Fail Economic Origins of Dictatorship and Democracy PENGUIN PRESS An imprint of Penguin Random House LLC penguinrandomhouse.com Copyright © 2019 by Daron Acemoglu and James A. Robinson Penguin supports copyright. Copyright fuels creativity, encourages diverse voices, promotes free speech, and creates a vibrant culture. Thank you for buying
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CONGRESS CATALOGING-IN-PUBLICATION DATA Names: Acemoglu, Daron, author. | Robinson, James A., 1960– author. Title: The narrow corridor: states, societies, and the fate of liberty / Daron Acemoglu and James A. Robinson. Description: New York : Penguin Press, 2019. | Includes bibliographical references and index. Identifiers: LCCN 2019009146 (print) | LCCN 2019981140 (ebook) | ISBN 9780735224384 (hardcover
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this is much less than I owe you. —DA Para Adrián y Tulio. Para mí el pasado, para ustedes el futuro. —JR CONTENTS Also by Daron Acemoglu and James A. Robinson Title Page Copyright Dedication Preface Chapter 1 HOW DOES HISTORY END? Chapter 2 THE RED QUEEN Chapter 3 WILL TO POWER
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Zoticus, 158–60 Zulu nation, 80–83, 83–87, 120–21 Zuluaga, Luis Eduardo, 353 Zuo Zhuan, 201–2 Zviadists, 93 ABCDEFGHIJKLMNOPQRSTUVWXYZ ABOUT THE AUTHORS Daron Acemoglu is an Institute Professor at MIT. In 2005 he received the John Bates Clark Medal, given to economists under age forty judged to have made
Economic Origins of Dictatorship and Democracy
by Daron Acemoğlu and James A. Robinson · 28 Sep 2001
of political and economic crises, (4) the level of economic inequality, (5) the structure of the economy, and (6) the form and extent of globalization. Daron Acemoglu is Charles P. Kindleberger Professor of Applied Economics in the Department of Economics at the Massachusetts Institute of Technology and a member of the Economic
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, American Economic Review, American Political Science Review, and Journal of Economic Literature. Professor Robinson is on the editorial board of World Politics. Together with Professors Daron Acemoglu and Simon Johnson, Professor Robinson is coauthor of the forthcoming book, The Institutional Roots of Prosperity. Economic Origins of Dictatorship and Democracy
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DARON ACEMOGLU JAMES A. ROBINSON cambridge university press Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, São Paulo Cambridge University Press The Edinburgh Building, Cambridge cb2 2ru,
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UK Published in the United States of America by Cambridge University Press, New York www.cambridge.org Information on this title: www.cambridge.org/9780521855266 © Daron Acemoglu and James A. Robinson 2006 This publication is in copyright. Subject to statutory exception and to the provision of relevant collective licensing agreements, no reproduction
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memory of my parents, Kevork and Irma, who invested so much in me. To my love, Asu, who has been my inspiration and companion throughout. Daron Acemoglu To the memory of my mother, from whom I inherited my passion for books and my indignation at the injustices of this life. To the
Why Nations Fail: The Origins of Power, Prosperity, and Poverty
by Daron Acemoglu and James Robinson · 20 Mar 2012 · 547pp · 172,226 words
be missed.” —Peter Diamond, Nobel laureate in economics, 2010 “For those who think that a nation’s economic fate is determined by geography or culture, Daron Acemoglu and Jim Robinson have bad news. It’s manmade institutions, not the lay of the land or the faith of our forefathers, that determine whether
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repressive institutions and eventual decay or stagnation. Somehow they can generate both excitement and reflection.” —Robert Solow, Nobel laureate in economics, 1987 Copyright © 2012 by Daron Acemoglu and James A. Robinson All rights reserved. Published in the United States by Crown Publishers, an imprint of the Crown Publishing Group, a division of
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registered trademarks of Random House, Inc. Library of Congress Cataloging-in-Publication Data Acemoglu, Daron. Why nations fail : the origins of power, prosperity, and poverty / Daron Acemoglu, James A. Robinson.—1st ed. p. cm. Includes bibliographical references. 1. Economics—Political aspects. 2. Economic history—Political aspects. 3. Poverty—Developing countries. 4. Economic
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/. Map 19: Drawn using data from the 1880 U.S. Census, downloadable at the National Historical Geographic Information System: http://www.nhgis.org/. Map 20: Daron Acemoglu, James A. Robinson, and Rafael J. Santos (2010), “The Monopoly of Violence: Evidence from Colombia,” at http://scholar.harvard.edu/jrobinson/files/ jr_formationofstate.pdf
A World Without Work: Technology, Automation, and How We Should Respond
by Daniel Susskind · 14 Jan 2020 · 419pp · 109,241 words
able to find jobs involving those activities instead. Figure 7.3: Horses and Mules and Tractors on US Farms, 1910–60 (000’s)19 For Daron Acemoglu and Pascual Restrepo, two leading economists, this version of the changing-pie effect provides a powerful response to Wassily Leontief’s pessimism about the future
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increasingly capable, many human beings will eventually be driven out of work. In fact, some economists have already seen this happening in the data. When Daron Acemoglu and Pascual Restrepo looked at the use of industrial robots in the United States from 1990 to 2007, they found a contemporary case of the
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of mud, hoping that some if it would stick.” See Jeffrey Sachs, “Government, Geography, and Growth,” Foreign Affairs, September/October 2012; and the response from Daron Acemoglu and James Robinson, “Response to Jeffrey Sachs,” 21 November 2012, http://whynationsfail.com/blog/2012/11/21/response-to-jeffrey-sachs.html. 4. Data from
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-the-frame-breaking-act/; and http://statutes.org.uk/site/the-statutes/nineteenth-century/1813-54-geo-3-cap-42-the-frame-breaking-act/. 13. Daron Acemoglu and and James Robinson, Why Nations Fail (London: Profile Books, 2012), pp. 182–83. Perhaps we should be suspicious of her true motivations; this was
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July 2018). Int-$ (the “international dollar”) is a hypothetical currency that tries to take account of different price levels across different countries. 29. For instance, Daron Acemoglu and Pascual Restrepo, “Artificial Intelligence, Automation and Work” in Ajay Agrawal, Joshua Gans, and Avi Goldfarb, eds., Economics of Artificial Intelligence (Chicago: Chicago University Press
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/. 39. US Bureau of Labor Statistics, https://www.bls.gov/emp/tables/employment-by-major-industry-sector.htm (accessed August 2019). 40. See, for instance, Daron Acemoglu, “Advanced Economic Growth: Lecture 19: Structural Change,” delivered at MIT, 12 November 2017. 41. Jesus Felipe, Connie Bayudan-Dacuycuy, and Matteo Lanzafame, “The Declining Share
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instance. James Surowiecki, “Robots Won’t Take All Our Jobs,” Wired, 12 September 2017, is another. 2. THE AGE OF LABOR 1. See, for instance, Daron Acemoglu, “Technical Change, Inequality, and the Labor Market,” Journal of Economic Literature 40, no. 1 (2002): 7–72. 2. David Autor, Lawrence Katz, and Alan Krueger
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History 67, no. 1 (2007): 128–59. 5. From ibid., Data Appendix. Thank you to William Nordhaus for sharing his revised data with me. 6. Daron Acemoglu and David Autor, “Skills, Tasks and Technologies: Implications for Employment and Earnings” in David Card and Orley Ashenfelter, eds., Handbook of Labor Economics, vol. 4
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(2014): 843–51. 10. From Max Roser and Mohamed Nagdy, “Returns to Education,” https://ourworldindata.org/returns-to-education (accessed 1 May 2018). 11. See Daron Acemoglu, “Technical Change, Inequality, and the Labor Market,” Journal of Economic Literature 40, no. 1 (2002): 7–72. 12. For England, see Alexandra Pleijt and Jacob
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2018. 88. Lewis, “Can Robots Make Up” and Joseph Quinlan, “Investors Should Wake Up to Japan’s Robotic Future,” Financial Times, 25 September 2017. 89. Daron Acemoglu and Pascual Restrepo, “Demographics and Automation,” NBER Working Paper No. 24421 (2018). 90. From the Data Appendix to William Nordhaus, “Two Centuries of Productivity Growth
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. Data from Rodolfo Manuelli and Ananth Seshadri, “Frictionless Technology Diffusion: The Case of Tractors,” American Economic Review 104, no. 4 (2014): 1268–1391. 20. See Daron Acemoglu and Pascual Restrepo, “The Race Between Machine and Man: Implications of Technology for Growth, Factor Shares, and Employment,” American Economic Review 108, no. 6 (2018
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Restrepo do not think it is necessarily the case that these new tasks will be created for human beings to do, however. For instance, in Daron Acemoglu and Pascual Restrepo, “The Wrong Kind of AI? Artificial Intelligence and the Future of Labor Demand,” MIT Working Paper (2019), they explicitly consider the possibility
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,” Review of Social Economy 65, no. 3 (2007): 279–91. 30. Schloss, Methods of Industrial Remuneration, p. 81. 31. Leontief, “National Perspective,” p. 4. 32. Daron Acemoglu and Pascual Restrepo, “Robots and Jobs: Evidence from US Labor Markets,” NBER Working Paper No. 23285 (2017). 33. Quoted in Susan Ratcliffe, ed., Oxford Essential
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(2016). 26. Lynnley Browning and David Kocieniewski, “Pinning Down Apple’s Alleged 0.005% Tax Rate Is Nearly Impossible,” Bloomberg, 1 September 2016, quoted in Daron Acemoglu and Simon Johnson, “It’s Time to Found a New Republic,” Foreign Policy, 15 August 2017. See https://ec.europa.eu/ireland/tags/taxation_en
Falling Behind: Explaining the Development Gap Between Latin America and the United States
by Francis Fukuyama · 1 Jan 2006
of Growth among New World Economies,” paper presented at the meeting of the MacArthur Research Network on Inequality and Economic Performance, Boston, 2001. See also Daron Acemoglu, Simon Johnson, and James A. Robinson, “The Colonial Origins of Comparative Development,” American Economic Review 91 (2001): 1369–1401. This is not the place for
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fuzzy concept. For one, in a Schumpeterian world of creative destruction, property would be secure only if it were defended by barriers to entry (see Daron Acemoglu, “The Form of Property Rights: Oligarchic vs. Democratic Societies,” Working Paper, Department of Economics [Cambridge: Massachusetts Institute of Technology, 2005]). Secondly, property can be made
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Bernanke and Julio Rotemberg, (Cambridge, MA: National Bureau of Economic Research, 1996), pp. 11–74. 92. Coatsworth, “Structures, Endowments, and Institutions,” p. 140. 93. See Daron Acemoglu and James Robinson, “Why Did the West Extend the Franchise? Democracy, Inequality, and Growth in Historical Perspective,” Quarterly Journal of Economics (2000): 1167–1199; and
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uneven dissemination of industrialization. It is much harder to believe that geography has a large impact on the feasibility of a prosperous industrial society; indeed, Daron Acemoglu, Simon Johnson, and James Robinson tested precisely the idea that geography influenced the dissemination of the British industrial revolution and found no evidence supporting it
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Log Population Density in 1500 3 4 5 figure 7.7 Absence of Expropriation Risk versus Log Population Density in 1500 in Former Colonies. Source: Daron Acemoglu, Simon Johnson, and James A. Robinson, “Colonial Origins of Comparative Development: An Empirical Investigation,” in American Economic Review 91 (2001): 1369–1401. 174 Institutional Factors
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2 3 4 5 6 Log Settler Mortality Rates 7 8 9 figure 7.8 Absence of Expropriation Risk versus Log Settler Mortality Rates. Source: Daron Acemoglu, Simon Johnson, and James A. Robinson, “Colonial Origins of Comparative Development: An Empirical Investigation,” in American Economic Review 91 (2001): 1369–1401. included gold and
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Bautista and Camilo García for their excellent research assistance. 2. Angus Maddison, The World Economy: A Millennial Perspective (Paris: OECD, 2003), p. 262. 3. See Daron Acemoglu, Simon Johnson, and James A. Robinson, “Reversal of Fortune: Geography and Institutions in the Making of the Modern World Income Distribution,” Quarterly Journal of Economics
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, 2001). 23. See, for example, Guido Tabellini, “Culture and Institutions: Economic Development in the Regions of Europe,” unpublished manuscript, Bocconi University, Milan, Italy, 2005. 24. Daron Acemoglu, Simon Johnson, and James A. Robinson, “Colonial Origins of Comparative Development: An Empirical Investigation,” American Economic Review 91 (2001): 1369–1401. 25. Simeon Djankov, Rafael
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.” 41. David J. McCreery, Rural Guatemala, 1760–1940 (Stanford, CA: Stanford University Press, 1994). 42. Acemoglu, Johnson, and Robinson, “Colonial Origins of Comparative Development”; and Daron Acemoglu, Simon Johnson, and James A. Robinson, “Institutions as a Fundamental Cause of Development,” in The Handbook of Economic Growth, edited by Philippe Aghion and Steven
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Factors in Latin America’s Development 50. R. H. Tawney, “The Rise of the Gentry, 1558–1640,” Economic History Review 11 (1941): 1–38. 51. Daron Acemoglu, Simon Johnson, and James A. Robinson, “The Rise of Europe: Atlantic Trade, Institutional Change, and Economic Growth,” American Economic Review 95 (2005): 546–579. 52
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. See, for example, Stephen Knack and Philip Keefer, “Institutions and Economic Performance: Cross-Country Tests Using Alternative Measures,” Economics and Politics 7 (1995): 207–227; Daron Acemoglu, James A. Robinson, and Simon Johnson, “The Colonial Origins of Comparative Development: An Empirical Investigation,” American Economic Review 91, no. 5 (2001): 1369–1401; Acemoglu
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Rodrik, Where Did All The Growth Go? External Shocks, Social Conflict and Growth Collapses (London: Centre for Economic Policy Research, 1998). 9. For example, see Daron Acemoglu and James A. Robinson, “The Colonial Origins of Comparative Development: An Empirical Investigation,” American Economic Review 91, no. 5 (2001): 1369–1401
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; Daron Acemoglu and James A. Robinson, Economic Origins of Dictatorship and Democracy: Economic and Political Origins (Cambridge: Cambridge University Press, 2005). 10. Philippe C. Schmitter and Guillermo
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the Institute for Quantitative Social Science, Department of Government, Harvard University. Among his most recent publications are Economic Origins of Dictatorship and Democracy (2006), with Daron Acemoglu; and Economía colombiana del siglo XX: Un análisis cuantitativo, coedited with Miguel Urrutia (2007), to be published in English as The Colombian Economy in the
The Meritocracy Trap: How America's Foundational Myth Feeds Inequality, Dismantles the Middle Class, and Devours the Elite
by Daniel Markovits · 14 Sep 2019 · 976pp · 235,576 words
training as workers without high school degrees. By 1991, the educated workers were nearly four times as likely to receive training as the uneducated ones. Daron Acemoglu, “Changes in Unemployment and Wage Inequality: An Alternative Theory and Some Evidence,” American Economic Review 89, no. 5 (December 1999): 1259–78, 1275, https://doi
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Frank Levy, Teaching the New Basic Skills: Principles for Educating Children to Thrive in a Changing Economy (New York: Free Press, 1996), 19. See also Daron Acemoglu, “Technical Change, Inequality, and the Labor Market,” Journal of Economic Literature 40, no. 1 (March 2002): 41, https://doi.org/10.1257/0022051026976. Hereafter cited
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for mismatched workers (the average excess years of schooling possessed by overeducated workers) declined. Acemoglu, “Changes in Unemployment and Wage Inequality,” 1271–72, Table 1. Daron Acemoglu’s work tests the robustness of this result against effects concerning the changing composition of the workforce, e.g., a rise of young workers who
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Review 60 no. 5 (December 1970): 898. Hereafter cited as Hayami and Ruttan, “Agricultural Productivity.” opportunities for profit: Here see Acemoglu, “Technical Change,” 37, and Daron Acemoglu, “Why Do New Technologies Complement Skills? Directed Technical Change and Wage Inequality,” Quarterly Journal of Economics 113, no. 4 (November 1998): 1055. Hereafter cited as
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in the skill premium [see Acemoglu 1998, and also Michael Kiley 1999].”) unprecedentedly large cohort of college graduates: The data behind these claims come from Daron Acemoglu and David Autor, “Skills, Tasks, and Technologies: Implications for Employment and Earnings,” in Handbook of Labor Economic Economics, vol. 4b, ed. David Card and Orley
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vocational education, with over 70 percent of young German workers receiving formal workplace training (as compared to only 10 percent in the United States). See Daron Acemoglu and Jörn-Steffen Pischke, “The Structure of Wages and Investment in General Training,” Journal of Political Economy 107, no. 3 (June 1999): 542 (citing an
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first decade in the labor market, the median German holds between one and two. See Acemoglu and Pischke, “The Structure of Wages,” 549. See also Daron Acemoglu and Jörn-Steffen Pischke, ‘‘Why Do Firms Train? Theory and Evidence,’’ Quarterly Journal of Economics 113 (February 1998): 79–119 (who estimate one), and Christian
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and Wage Differentials: Germany Versus the U.S.,” Economic Policy 22, no. 49 (January 2007): 74. See also Daron Acemoglu, “Cross-Country Inequality Trends,” Economic Journal 113, no. 485 (February 2003): 121–49; Daron Acemoglu and Jörn-Steffen Pischke, “Worker Well-Being and Public Policy,” Research in Labor Economics 22 (2003): 159–202; Acemoglu
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Deepening and Wage Differentials: Germany Versus the U.S.,” Economic Policy 22, no. 49 (January 2007): 72–116; Daron Acemoglu, “Cross-Country Inequality Trends,” Economic Journal 113, no. 485 (February 2003): 121–49; Daron Acemoglu and Jörn-Steffen Pischke, “Worker Well-Being and Public Policy,” Research in Labor Economics 22 (2003): 159–202; Acemoglu
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children’s education. See, e.g., OECD, OECD Skills Outlook 2013, Table A3.1. meritocratic developments in elite education: I borrow the term designed from Daron Acemoglu, “Why Do New Technologies Complement Skills?,” 1055, 1056 (“new technologies are not complementary to skills by nature, but by design”). “the Vietnam War draft laws
The Technology Trap: Capital, Labor, and Power in the Age of Automation
by Carl Benedikt Frey · 17 Jun 2019 · 626pp · 167,836 words
groups in the American labor market for more than three decades has prompted economists to think differently about technological change. Pathbreaking work by the economists Daron Acemoglu and Pascual Restrepo provides a helpful formal model for understanding periods of falling wages, as well as times when wages are growing for everyone, by
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long run depends on policy choices made in the short run. The mere existence of better machines is not sufficient for long run growth. As Daron Acemoglu and the political scientist James Robinson point out in Why Nations Fail, economic and technological development will move forward only “if not blocked by the
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that would one day facilitate the Industrial Revolution? One compelling argument is that the road to industrialization began with the discovery of the New World. Daron Acemoglu, Simon Johnson, and James Robinson have demonstrated that where political institutions placed significant checks and balances on the monarchy, the growth of Atlantic trade strengthened
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in previously unimaginable jobs. Thus, economists have come to conclude that this was a period when technology was working in the interest of labor. As Daron Acemoglu and Pascual Restrepo write: “The importance of … new tasks is well illustrated by the technological and organizational changes during the Second Industrial Revolution, which [led
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could grow, but everyone would still see their wages rise—though at different speeds. The great reversal depicted in figure 10 was first noted by Daron Acemoglu and David Autor.1 It shows that up until the 1970s, wages rose for people at all educational levels, but after the first oil shock
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CLASS The computer era does not just mark a shift in labor markets. It also marks a shift in how economists think about technological progress. Daron Acemoglu and Pascal Restrepo have recently argued that the wage trends depicted in figure 10 are best understood as a race between enabling and replacing technologies
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single-purpose robots remain sparse. But even if this means that we underestimate the pervasiveness of robots in the economy, such data are still informative. Daron Acemoglu and Pascual Restrepo estimate that each multipurpose robot has replaced about 3.3 jobs in the U.S. economy. Blue-collar people in heavily robotized
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growth. If AI technologies turn out to be as brilliant as some of us think, we should be more optimistic about the long run. As Daron Acemoglu and Pascual Restrepo have pointed out, brilliant technologies are much preferable for labor than mediocre ones because as they make us richer, they create more
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mediocre technologies, see D. Acemoglu and P. Restrepo, 2018a, “Artificial Intelligence, Automation and Work” (Working Paper 24196, National Bureau of Economic Research, Cambridge, MA). 11. Daron Acemoglu and Pascual Restrepo decompose the sources underpinning the demand for labor, showing that the replacement of workers in manufacturing can explain a large part of
Straight Talk on Trade: Ideas for a Sane World Economy
by Dani Rodrik · 8 Oct 2017 · 322pp · 87,181 words
traveling to a point on it such that the elites end up worse off. This type of argument has been invoked in the work of Daron Acemoglu and James Robinson, to explain, for example, why many states have blocked policies that would foster industrialization and economic growth during the nineteenth century in
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Recipes, Princeton University Press, Princeton, NJ, 2007. 7. The evidence that democracy leads to higher growth is generally considered to be weak. However, the paper Daron Acemoglu, Suresh Naidu, Pascual Restrepo, and James A. Robinson, “Democracy Does Cause Growth,” NBER Working Paper No. 20004, March 2014, makes a strong case that it
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1997. 11. Mukand and Rodrik, “Political Economy of Liberal Democracy.” 12. See, for example, Carles Boix, Democracy and Redistribution, Cambridge University Press, New York, 2003; Daron Acemoglu and James A. Robinson, “Foundations of Societal Inequality,” Science, vol. 326(5953), 2009: 678–679; and Ben W. Ansell and David J. Samuels, Inequality and
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H. Bates, Markets and States in Tropical Africa, University of California Press, Berkley, CA, 1981; Daron Acemoglu and James A. Robinson, “Economic Backwardness in Political Perspective,” American Political Science Review, vol. 100(1), 2006: 115–131; Daron Acemoglu and James A. Robinson, Why Nations Fail: The Origins of Power, Prosperity, and Poverty, Crown, New
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,” American Economic Review, vol. 84(4), 1994. 6. Mancur Olson, “Dictatorship, Democracy, and Development,” American Political Science Review, vol. 87(3), September 1993: 567–576; Daron Acemoglu and James A. Robinson, “Economic Backwardness in Political Perspective.” 7. Jon Elster, “Rational Choice History: A Case of Excessive Ambition,” American Political Science Review, vol
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. See Dixit and Weibull, “Political Polarization,” Proceedings of the National Academy of Sciences of the United States, vol. 104(18), 2007: United States 7353. 21. Daron Acemoglu and coauthors show that differences in beliefs need not disappear even asymptotically when there is disagreement over the interpretation (that is, informativeness) of the signals
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received. See Daron Acemoglu, Victor Chernozhukov, and Muhamet Yildiz, “Fragility of Asymptotic Agreement under Bayesian Learning,” unpublished paper, February 2009. 22. See, for example, Arthur T. Denzau and Douglass
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Rodrik, “The Political Economy of Trade Policy,” in Handbook of International Economics, G. Grossman and K. Rogoff, eds., vol. 3, Amsterdam, North-Holland, 1995. 2. Daron Acemoglu and James A. Robinson, “Economic Backwardness in Political Perspective,” American Political Science Review, vol. 100(1), 2006: 115–131. See also
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Daron Acemoglu, “Why Not a Political Coase Theorem? Social Conflict, Commitment, and Politics,” Journal of Comparative Economics, vol. 31(4), 2003: 620–652. 3. Raquel Fernandez and
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Life,” American Economic Review, vol. 80(5), December 1990: 1077–1091; Philippe Aghion and Peter Howitt, Endogenous Growth Theory, MIT Press, Cambridge, MA, 1998. 13. Daron Acemoglu and James A. Robinson, “Economics versus Politics: Pitfalls of Policy Advice,” NBER Working Paper 18921, March 2013. 14. Leighton and López, Madmen. 15. Leighton and
Growth: A Reckoning
by Daniel Susskind · 16 Apr 2024 · 358pp · 109,930 words
innovation – are ‘not the causes of growth’, they wrote. ‘They are growth.’56 The same frustration continues to be expressed today. ‘This theoretical tradition,’ writes Daron Acemoglu, ‘has for a long time seemed unable to provide a fundamental explanation for economic growth.’57 You can understand their dissatisfaction. Take Romer, for example
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. This stronger property rights regime, it is argued, was responsible for the economic flourishing that followed, eventually leading to a different revolution – the industrial one. Daron Acemoglu and James Robinson have become the flag bearers for this movement, generalizing these ideas into a popular distinction between ‘extractive’ institutions, which allow a few
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the last few years, the idea of ‘induced technological change’ has been picked up and sanded into better shape under the stewardship of the economist Daron Acemoglu.9 The idea has also been renamed, becoming known as ‘directed technological change’. This is not only an exercise in rebranding: the new label is
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technological progress: through creating productive new ideas and taking advantage of their peculiar properties. And it took clearer shape in the last two decades, as Daron Acemoglu refined the observation that we do not need to accept the particular technologies that are thrown up by the market mechanism, but can take control
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-randomised-controlled-trials. 56 Douglass C. North and Robert Paul Thomas, The Rise of the Western World (Cambridge: Cambridge University Press, 1973), p. 2. 57 Daron Acemoglu, Simon Johnson and James A. Robinson, ‘Institutions as a Fundamental Cause of Long-Run Growth’, in Handbook of Economic Growth, Vol. 1A, ed. Philippe Aghion
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, at p. 388. This is the distinction between ‘fundamental’ and ‘proximate’ causes of economic growth. 58 These examples, and others, are definitively set out in Daron Acemoglu, Introduction to Modern Economic Growth (2009). 59 See, for instance, John Gallup, Jeffrey Sachs and Andrew Mellinger, ‘Geography and Economic Development’, International Regional Science Review
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Weingast, ‘Constitutions and Commitment: The Evolution of Institutions Governing Public Choice in Seventeenth-Century England’, Journal of Economic History, 49:4 (1989), 803–32. 63 Daron Acemoglu and James Robinson, Why Nations Fail (New York: Crown, 2012). 64 The former chief economist at the UK Foreign Office Rachel Glennerster, asks: ‘If I
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Industrial Revolution Was British: Commerce, Induced Invention, and the Scientific Revolution’, Economic History Review, 64:2 (2011), 357–84. 6 Though not necessarily unexplored: see Daron Acemoglu, ‘Localised and Biased Technologies: Atkinson and Stiglitz’s New View, Induced Innovations, and Directed Technological Change’, Economic Journal, 125 (2015), 443–63; Florian Brugger and
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’s Wage Growth: How Fast is the Gain and What Does It Mean?’, Institute for New Economic Thinking, 28 February 2017. 9 See, for instance, Daron Acemoglu and Simon Johnson, Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity (New York: Public Affairs 2023). 10 Paul Krugman, ‘Errors and Emissions
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Economics’, Economic Journal 132:644 (2022), 1259–89. 13 www.ipcc.ch/report/ar5/syr/. 14 Data from: ourworldindata.org/cheap-renewables-growth. 15 See Daron Acemoglu and Simon Johnson, Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity (New York Public Affairs 2023), p. 389. 16 This chart is
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Work: Technology, Automation and How We Should Respond (London: Allen Lane, 2020), Chapter 1. 28 Many of these ideas are explored in the work of Daron Acemoglu, the flag bearer for this movement. 29 Susskind, A World Without Work, p. 175. 30 www.brookings.edu/wp-content/uploads/2020/12/Acemoglu-FINAL
The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies
by Erik Brynjolfsson and Andrew McAfee · 20 Jan 2014 · 339pp · 88,732 words
Good Economics for Hard Times: Better Answers to Our Biggest Problems
by Abhijit V. Banerjee and Esther Duflo · 12 Nov 2019 · 470pp · 148,730 words
Restarting the Future: How to Fix the Intangible Economy
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Political Order and Political Decay: From the Industrial Revolution to the Globalization of Democracy
by Francis Fukuyama · 29 Sep 2014 · 828pp · 232,188 words
Bourgeois Dignity: Why Economics Can't Explain the Modern World
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Escape From Rome: The Failure of Empire and the Road to Prosperity
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The Journey of Humanity: The Origins of Wealth and Inequality
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