Power and Progress

WINNERS OF THE 2024 NOBEL PRIZE FOR ECONOMICS LONGLISTED FOR THE BAILLIE GIFFORD PRIZE LONGLISTED FOR THE FINANCIAL TIMES AND SCHRODERS BUSINESS BOOK OF THE YEAR SHORTLISTED FOR THE LIONEL GELBER PRIZE A FINANCIAL TIMES TECHNOLOGY BOOK OF THE YEAR UPDATED WITH A NEW PREFACE 'The blueprint we need for the challenges ahead' Shoshana Zuboff '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' Jared Diamond 'A breathtaking tour of the history and future of technology' Abhijit Banerjee and Esther Duflo A bold new interpretation of why technology benefits the elites - and how we must reshape the path of innovation to create true shared prosperity. A thousand years of history make one thing clear: progress is not automatic but depends on the choices we make. Much of the wealth generated by agricultural advances during the Middle Ages was captured by the Church while the peasants starved. The first hundred years of industrialization delivered stagnant incomes for workers, while making a few people rich. Throughout the world today, digital technologies and artificial intelligence increase inequality and undermine democracy. It doesn't have to be this way. Power and Progress demonstrates that the path of technology was once - and can again be - brought under control. With their breakthrough economic theory and manifesto for a better society, Acemoglu and Johnson provide the vision to reshape how we innovate so we can create real prosperity for all. Daron Acemoglu and Simon Johnson were awarded the Nobel Prize in Economic Sciences on 14 October 2024.

A bold reinterpretation of economics and history revealing why technology does not inevitably lead to shared prosperity, and how we must redirect innovation in the age of AI to benefit all. A thousand years of history and contemporary evidence make it clear that progress depends on the choices we make about technology. New ways of organizing production and communication can either serve the narrow interests of an elite or become the foundation for widespread prosperity. At no point has this been truer than the crossroads we face today. The transformation of work by digital technologies and AI could make life better for most people, or possibly much worse--depending on the economic, social, and political choices we make. Through powerful, illuminating examples, Daron Acemoglu and Simon Johnson fundamentally change how we see the world. The wealth generated by technological improvements in agriculture during the European Middle Ages was captured by the nobility and used to build grand cathedrals, while peasants remained on the edge of starvation. The first hundred years of industrialization in England delivered stagnant incomes for working people. The era of the 1950s through the 1970s, similar to today, was one of rapid technological advancement, yet also one of increasing prosperity for many. Throughout the world today, digital technologies and artificial intelligence undermine jobs and democracy through excessive automation, massive data collection, and intrusive surveillance. It doesn't have to be this way. Power and Progress demonstrates the path of technology was once--and may again--be brought under control. Cutting-edge technological advances can become empowering and democratizing tools, but not if all major decisions remain in the hands of a few hubristic tech leaders. With their bold reinterpretation of economics and history, Acemoglu and Johnson provide the vision needed to redirect innovation so it again benefits most people.

A bold reinterpretation of economics and history revealing why technology does not inevitably lead to shared prosperity, and how we must redirect innovation in the age of AI to benefit all. A thousand years of history and contemporary evidence make it clear that progress depends on the choices we make about technology. New ways of organizing production and communication can either serve the narrow interests of an elite or become the foundation for widespread prosperity. At no point has this been truer than the crossroads we face today. The transformation of work by digital technologies and AI could make life better for most people, or possibly much worse--depending on the economic, social, and political choices we make. Through powerful, illuminating examples, Daron Acemoglu and Simon Johnson fundamentally change how we see the world. The wealth generated by technological improvements in agriculture during the European Middle Ages was captured by the nobility and used to build grand cathedrals, while peasants remained on the edge of starvation. The first hundred years of industrialization in England delivered stagnant incomes for working people. The era of the 1950s through the 1970s, similar to today, was one of rapid technological advancement, yet also one of increasing prosperity for many. Throughout the world today, digital technologies and artificial intelligence undermine jobs and democracy through excessive automation, massive data collection, and intrusive surveillance. It doesn't have to be this way. Power and Progress demonstrates the path of technology was once--and may again--be brought under control. Cutting-edge technological advances can become empowering and democratizing tools, but not if all major decisions remain in the hands of a few hubristic tech leaders. With their bold reinterpretation of economics and history, Acemoglu and Johnson provide the vision needed to redirect innovation so it again benefits most people.