Power and Progress by Daron Acemoglu and Simon Johnson, reviewed

We look at this relevant and timely book which assess the impact of technology on our lives and societies. See more about the book here.

Power and Progress by Daron Acemoglu and Simon Johnson, reviewed

This book sketches out a good big picture overview of what technologies and trends have played out over numerous centuries. This task is a challenge in of itself. It is definitely a topic worth tackling, and, on one hand it is a book that we would recommend to under graduate history majors, to ensure they look at things from a wider perspective and try to join up the dots on trends beyond mere decades or single countries. The book is well written and enjoyable to read.

At times from a technology perspective we felt that sometimes issues were described, but then not deeply dissected or analyised to the degree that we would have perhaps liked to see. It is at this stage to merely be a truism to say that tech is a double edged tool, able to deliver both and good bad outcomes. We were just left hanging for a little more beyond this starting point. We recognise that to tackle 1000 years of history and technological innovations is no trivial task, but at times it felt like a little more hard headed discussion would have taken this book to the next level, even if this made the book a little longer.

More about the book and it’s authors

Why has technology too often benefited elites? How can we reshape the path of innovation to create true shared prosperity? Two best-selling authors present a bold new theory….

A thousand years of history and contemporary evidence make one thing clear. Progress is not automatic but 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.

Much of the wealth generated by agricultural advances during the European Middle Ages was captured by the Church and used to build grand cathedrals while the peasants starved. The first hundred years of industrialization in England delivered stagnant incomes for workers, while making a few people very rich. And throughout the world today, digital technologies and artificial intelligence increase inequality and undermine democracy through excessive automation, massive data collection, and intrusive surveillance.

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. The tremendous computing advances of the last half century can become empowering and democratizing tools, but not if all major decisions remain in the hands of a few hubristic tech leaders striving to build a society that elevates their own power and prestige.

With their breakthrough economic theory and manifesto for a better society, Acemoglu and Johnson provide the understanding and the vision to reshape how we innovate and who really gains from technological advances so we can create real prosperity for all.

Advance praise for Power and Progress:

“In this brilliant sweeping review of technological change past and present, Acemoglu and Johnson mean to grab us by the shoulders and shake us awake before today’s winner-take-all technologies impose more violence on global society and the democratic prospect. This vital book is a necessary antidote to the poisonous rhetoric of tech inevitability. It reveals the realpolitik of technology as a persistent Trojan horse for economic powers that favor the profit-seeking aims of the few over the many. Power and Progress is the blueprint we need for the challenges ahead: technology only contributes to shared prosperity when it is tamed by democratic rights, values, principles, and the laws that sustain them in our daily lives. “ Shoshanna Zuboff

‘Acemoglu and Johnson have written a sweeping history of more than a thousand years of technical change. The take aim at economists’ mindless enthusiasm for technical change and their crippling neglect of power. An important book that is long overdue’. – Sir Angus Deaton, winner of the 2015 Nobel Prize in Economics

‘One powerful thread runs through this breathtaking tour of the history and future of technology, from the Neolithic agricultural revolution to the ascent of artificial intelligence: technology is not destiny, nothing is pre-ordained. In this age of relentless automation and seemingly unstoppable consolidation of power and wealth this book is an essential reminder that humans, despite their imperfect institutions and often contradictory impulses, remain in the driver’s seat, and must take back control.’ – Abhijit Banerjee and Esther Duflo, winners of the 2019 Nobel Prize in Economics

‘This singular book elevated my understanding of the present confluence of society, economics, and technology. Here we have a synthesis of history and analysis coupled with specific ideas about how the future can be improved. It pulls no punches, but also inspires optimism’  Jaron Lanier, author of Ten Arguments for Deleting Your Social Media Accounts Right Now

‘Power and Progress offers Daron Acemoglu and Simon Johnson’s addictive hallmarks: sparkling writing, and a big question that affects our lives’ Jared Diamond, Pulitzer Prize-winning author of Guns, Germs and Steel

‘Our future is inevitable and determined by the acceleration of technologies like AI and Web3…or so we are told.  Here, from two of the greatest economists of our time, we have the definitive refutation of this the techno-determinist story that has held us back from building a better future for the last four decades.  With a bit of luck, we may look back at this as a turning point where we collectively once again took responsibility for defining the world we want technology to empower us to live in together.’  Glen Weyl, Founder of Microsoft’s Decentralized Social Technology Collaboratory, the RadicalxChange Foundation, and Chair of the Plurality Institute

“Acemoglu and Johnson give an incisive analysis of the economics of labor and technology, along with a trenchant critique of the “techno-optimism” of corporate visionaries…a stimulating call for social and political action to ensure the rising tide of innovation lifts all boats.”  Publishers Weekly

About the authors

DARON ACEMOGLU is Professor of Economics at MIT, and has been researching the historical origins of prosperity, poverty, and the effects of new technologies on economic growth, employment, and inequality. Acemoglu is the recipient of several awards and honours, including the John Bates Clark Medal, awarded to economists under forty judged to have made the most significant contribution to economic thought and knowledge (2005); the BBVA Frontiers of Knowledge Award in economics, finance, and management for his lifetime contributions (2016), and the Kiel Institute’s Global Economy Prize in economics (2019). He is the co-author (with James Robinson) of The Narrow Corridor and the New York Times bestseller Why Nations Fail.

SIMON JOHNSON is the Ronald A. Kurtz Professor of Entrepreneurship in the Sloan School at MIT, where he is also head of the Global Economics and Management group. Previously chief economist at the International Monetary Fund, he has worked on global economic crises and recoveries for thirty years. Johnson has published more than 300 high-impact pieces in leading publications such as The New York Times, The Washington Post, The Wall Street Journal, The Atlantic, and Financial Times. He is the co-author (with Jon Gruber) of Jump-Starting America, and (with James Kwak) of White House Burning and the national bestseller 13 Bankers. He works with entrepreneurs, elected officials, and civil society organizations around the world.

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