Power and Progress

Throughout history, technological change—whether through agricultural improvements in the Middle Ages, the Industrial Revolution, or today's advancements in artificial intelligence—has often been heralded as a primary driver of prosperity, working for the common good. However, the reality is more complex. The trajectory of technology is regularly shaped by the desires and beliefs of powerful individuals, leading to the accumulation of riches, social respect, cultural prominence, and political influence for those already in positions of power. For the majority, progress can often be an illusion.

In Power and Progress, Daron Acemoglu and Simon Johnson adeptly debunk modern techno-optimism through a captivating and original analysis of how technological decisions have steered the course of human history. From evocative accounts of how the economic surplus during the Middle Ages was appropriated by the ecclesiastical elite to construct grand cathedrals while the peasants starved, to contemporary scenarios where vast fortunes are amassed from digital technologies as millions confront poverty, the book reveals how technology's path is determined, and who holds the sway to influence its trajectory.

To unlock the genuine potential of innovation, it's imperative that technology fosters the creation of new jobs and opportunities rather than alienating the majority through automation and political disengagement. Acemoglu and Johnson argue for harnessing the substantial digital advancements of the past half century to develop tools that are both useful and empowering. Instead of succumbing to "so-so" technologies that merely replace workers without boosting productivity, we must reassert control from a small elite of tech magnates, who often pursue their interests with hubristic and messianic fervour.

With their pioneering economic theory and compelling vision for a better society, Acemoglu and Johnson provide the critical understanding and manifesto needed to reimagine and reshape the direction of technology. By doing so, they chart a course towards a future where true shared prosperity is achievable for all.