Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity

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Throughout history, technological change—whether through agricultural advancements, the Industrial Revolution, or modern artificial intelligence—has been seen as a key driver of prosperity in the public interest. However, technology often reflects the desires of the powerful, generating wealth and influence for elites while creating an illusion of progress for the majority. Daron Acemoglu and Simon Johnson challenge contemporary techno-optimism by revealing how technological choices have historically shaped society. They illustrate this through compelling narratives, such as the appropriation of medieval economic surplus by an ecclesiastical elite for grand cathedrals while peasants suffered, and the vast fortunes amassed from digital technologies today amid rising poverty. To unlock the true potential of innovation, it is essential to ensure that technology fosters new jobs and opportunities rather than marginalizing people through automation and political disengagement. The authors argue for harnessing recent digital advancements to develop empowering tools instead of technologies that merely displace workers without enhancing productivity. Their groundbreaking economic theory and vision advocate for a reimagined technological landscape that promotes shared prosperity and counters the interests of a small elite of self-serving tech leaders.