Simon Johnson

Power and Progress

1. IDEA 1

   Technology does not automatically help everyone

   Acemoglu and Johnson argue that new technology does not automatically raise wages or improve lives. Who benefits depends on choices about how technology is designed and used, and on the balance of power in society.

2. IDEA 2

   The productivity bandwagon is a myth

   Many assume that rising productivity naturally lifts wages. The authors call this the productivity bandwagon and argue that it only works when workers have the power to share in gains.

3. IDEA 3

   Powerful visions can mislead

   The authors describe a vision oligarchy, a small group whose ideas about technology dominate. They use the example of Ferdinand de Lesseps, whose success with the Suez Canal led to failure in Panama.

All 8 ideas from Power and Progress →