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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 c

From Daron Acemoglu, 2024 Nobel laureate in economics and coauthor ofWhy Nations Fail, an ambitious and expansive inquiry into the biggest story in global politics over the last hundred years: the rise and fall of liberal democracy."A very important work and a must-read." —Thomas Piketty, #1New York Timesbestselling author ofCapital in the Twenty-First CenturyThe dissolution of the Soviet Union in 1991 raised hopes that we were one step closer to the triumph of liberalism. Soon, many predicted, we would all be living in functional liberal democracies. Sustained economic growth would benefit all segments of society and war would be a relic of the past. A generation later, one can only ask: What happened?Nobel laureate Daron Acemoglu argues in this powerful book that liberal democracy flourished when it pursued its core promises of shared prosperity, democratic governance, and the free pursuit of knowledge. But liberalism, a philosophy built to challenge power, never fully adjusted to be

These three volumes contain edited versions of papers and commentaries presented at invited symposium sessions of the Tenth World Congress of the Econometric Society 2010. The papers summarize and interpret key developments in economics and econometrics and they discuss future directions for a variety of topics, covering both theory and application. Written by the leading specialists, these volumes provide a unique, accessible survey of progress on the discipline. The first volume addresses economic theory, focusing on nonstandard markets, contracts, decision theory, communication and organizations, epistemics and calibration, and patents. The second volume addresses applied economics, with specific focuses on finance, political economy, trade and firm dynamics, economic growth, and perspectives on Chinese economic growth. The third volume primarily addresses econometrics, with specific focuses on the econometrics of industrial organization, macroeconometrics, econometric theory, empir

These three volumes contain edited versions of papers and commentaries presented at invited symposium sessions of the Tenth World Congress of the Econometric Society 2010. The papers summarize and interpret key developments in economics and econometrics and they discuss future directions for a variety of topics, covering both theory and application. Written by the leading specialists, these volumes provide a unique, accessible survey of progress on the discipline. The first volume addresses economic theory, focusing on nonstandard markets, contracts, decision theory, communication and organizations, epistemics and calibration, and patents. The second volume addresses applied economics, with specific focuses on finance, political economy, trade and firm dynamics, economic growth, and perspectives on Chinese economic growth. The third volume primarily addresses econometrics, with specific focuses on the econometrics of industrial organization, macroeconometrics, econometric theory, empir

This is the second of three volumes containing edited versions of papers and commentaries presented at invited symposium sessions of the Tenth World Congress of the Econometric Society, held in Shanghai in August 2010. The papers summarize and interpret key developments in economics and econometrics, and they discuss future directions for a wide variety of topics, covering both theory and application. Written by the leading specialists in their fields, these volumes provide a unique, accessible survey of progress on the discipline. The first volume primarily addresses economic theory, with specific focuses on nonstandard markets, contracts, decision theory, communication and organizations, epistemics and calibration, and patents.

This is the third of three volumes containing edited versions of papers and commentaries presented at invited symposium sessions of the Tenth World Congress of the Econometric Society, held in Shanghai in August 2010. The papers summarize and interpret key developments in economics and econometrics, and they discuss future directions for a wide variety of topics, covering both theory and application. Written by the leading specialists in their fields, these volumes provide a unique, accessible survey of progress on the discipline. The first volume primarily addresses economic theory, with specific focuses on nonstandard markets, contracts, decision theory, communication and organizations, epistemics and calibration, and patents.

This is the first of three volumes containing edited versions of papers and commentaries presented at invited symposium sessions of the Tenth World Congress of the Econometric Society, held in Shanghai in August 2010. The papers summarize and interpret key developments in economics and econometrics and they discuss future directions for a wide variety of topics, covering both theory and application. Written by the leading specialists in their fields, these volumes provide a unique, accessible survey of progress on the discipline. The first volume primarily addresses economic theory, with specific focuses on nonstandard markets, contracts, decision theory, communication and organizations, epistemics and calibration, and patents.

This is the third of three volumes containing edited versions of papers and commentaries presented at invited symposium sessions of the Tenth World Congress of the Econometric Society, held in Shanghai in August 2010. The papers summarize and interpret key developments in economics and econometrics, and they discuss future directions for a wide variety of topics, covering both theory and application. Written by the leading specialists in their fields, these volumes provide a unique, accessible survey of progress on the discipline. The first volume primarily addresses economic theory, with specific focuses on nonstandard markets, contracts, decision theory, communication and organizations, epistemics and calibration, and patents.

This is the first of three volumes containing edited versions of papers and commentaries presented at invited symposium sessions of the Tenth World Congress of the Econometric Society, held in Shanghai in August 2010. The papers summarize and interpret key developments in economics and econometrics and they discuss future directions for a wide variety of topics, covering both theory and application. Written by the leading specialists in their fields, these volumes provide a unique, accessible survey of progress on the discipline. The first volume primarily addresses economic theory, with specific focuses on nonstandard markets, contracts, decision theory, communication and organizations, epistemics and calibration, and patents.

This is the second of three volumes containing edited versions of papers and commentaries presented at invited symposium sessions of the Tenth World Congress of the Econometric Society, held in Shanghai in August 2010. The papers summarize and interpret key developments in economics and econometrics, and they discuss future directions for a wide variety of topics, covering both theory and application. Written by the leading specialists in their fields, these volumes provide a unique, accessible survey of progress on the discipline. The first volume primarily addresses economic theory, with specific focuses on nonstandard markets, contracts, decision theory, communication and organizations, epistemics and calibration, and patents.

This book develops a framework for analyzing the creation and consolidation of democracy. Different social groups prefer different political institutions because of the way they allocate political power and resources. Thus democracy is preferred by the majority of citizens, but opposed by elites. Dictatorship nevertheless is not stable when citizens can threaten social disorder and revolution. In response, when the costs of repression are sufficiently high and promises of concessions are not credible, elites may be forced to create democracy. By democratizing, elites credibly transfer political power to the citizens, ensuring social stability. Democracy consolidates when elites do not have strong incentive to overthrow it. These processes depend on (1) the strength of civil society, (2) the structure of political institutions, (3) the nature of political and economic crises, (4) the level of economic inequality, (5) the structure of the economy, and (6) the form and extent of globaliza

This book develops a framework for analyzing the creation and consolidation of democracy. Different social groups prefer different political institutions because of the way they allocate political power and resources. Thus democracy is preferred by the majority of citizens, but opposed by elites. Dictatorship nevertheless is not stable when citizens can threaten social disorder and revolution. In response, when the costs of repression are sufficiently high and promises of concessions are not credible, elites may be forced to create democracy. By democratizing, elites credibly transfer political power to the citizens, ensuring social stability. Democracy consolidates when elites do not have strong incentive to overthrow it. These processes depend on (1) the strength of civil society, (2) the structure of political institutions, (3) the nature of political and economic crises, (4) the level of economic inequality, (5) the structure of the economy, and (6) the form and extent of globaliza

Introduction to Modern Economic Growth is a groundbreaking text from one of today's leading economists. Daron Acemoglu gives graduate students not only the tools to analyze growth and related macroec

Discussions of questions at the cutting edge of macroeconomics that are central to contemporary policy debates, analyzing both current macroeconomic issues and recent theoretical advances. This 21st