Work by Acemoglu and Johnson has found a further element of randomness which may explain contemporary patterns of wealth and poverty.
“Automation can explain labor share decline, stagnant median wages and declining real wages at the bottom.”
“Look at the business model of Google, Facebook, Netflix. They're not in the business of creating new tasks for humans,” says Daron Acemoglu.
To ensure future prosperity, we must adopt a growth strategy that places collective risks front and center, rather than...as an afterthought.
...now is an appropriate time for the federal government to consider economic research carefully in order to provide significant relief...
"Beyond raising the federal minimum wage, the United States desperately needs to overhaul its approach to technological innovation.”
"...the rapid unraveling of U.S. institutions in the first half of 2020 has been remarkable."
Prof. Acemoglu writes: "For citizens ..., the choice ultimately will be between various forms of abdication and concerted action.”
For [Prof.] Acemoglu and James Robinson, authors of “Why Nations Fail”, the important thing is inclusive institutions, not just a venal elite.
The researchers compared strict lockdowns that treat all age groups the same with a more targeted strategy that protects the old.
