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Power and Progress – A Look at Technology, Power, and Social Change

by Daron Acemoglu and Simon Johnson

“Technological progress is often seen as an inevitable path to prosperity and advancement. But who truly benefits from it? In Power and Progress, renowned economists Daron Acemoglu and Simon Johnson explore how technology has shaped and reinforced social inequalities throughout history. In this book, you will learn: 1) why technological innovation does not automatically benefit everyone, 2) how power structures determine who gains from progress, and 3) what strategies are needed to make technology more equitable and inclusive..” – Florian, Co-Founder

Technology has the potential to drive prosperity and progress – but only if used wisely. In Power and Progress, Acemoglu and Johnson argue that technological change is often controlled by elites who primarily serve their own interests. The book powerfully illustrates that progress is not inevitable but must be actively shaped to create a fairer society.

5 Key Lessons from Power and Progress

  1. Technological progress is not an end in itself: Not every technological innovation automatically leads to social prosperity. What matters is how it is used and who controls it.
  2. Power determines who benefits: Throughout history, elites have often used technology to reinforce existing inequalities. To ensure progress benefits everyone, power structures must be questioned and reformed.
  3. Work must be at the center: Technology should not only boost productivity but also improve the quality of life for workers. A sustainable economy requires innovations that create jobs rather than simply replacing them.
  4. Democratic control over technology is essential: To ensure that technology serves society as a whole, political and economic institutions must actively guide its development and application.

Progress can be made fair:
Through targeted policies, education, and regulation, technology can be harnessed to benefit society broadly rather than just a privileged few.

Visit “UBS Center for Economics in Society”, 29th of January 2025

Yesterday I went back to university…

Not to start my MBA, but to attend an event at the University of Zurich with Daron Acemoglu, the 2024 Nobel Laureate in Economics, about his new book Power & Progress.

As one of the leading economists of our time, Acemoglu shared fascinating insights into how innovation shapes our society – but not always to everyone’s benefit.

He explored key questions:
1️⃣ Why doesn’t technological progress automatically benefit everyone?
2️⃣ How do power structures determine who benefits from progress?
3️⃣ What strategies are needed to make technology fairer and more inclusive?

arvy’s Takeaway

Power and Progress by Daron Acemoglu and Simon Johnson is a compelling analysis of how technology shapes our society – and how we can ensure it benefits everyone. The key takeaway: Progress is not a law of nature but a political and economic process that must be actively shaped. A must-read for anyone interested in innovation, economics, and social justice.

English Version

German Version

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