Struggle and advancement: A millennial journey towards tech innovation and wealth
In a world where technological advancements are rapidly changing the landscape, renowned economists Daron Acemoglu and Simon Johnson argue that these disruptions can be mitigated through regulations. Their stance is particularly relevant in the context of artificial intelligence (AI) and comprehensive automation, which pose a threat to the social status of many previously middle-class individuals.
The authors, in their work, demonstrate that innovations during times of upheaval often leave a large portion of people impoverished. This trend, they suggest, may continue with AI and automation, but it is not inevitable. They remain optimistic that it is not too late to mitigate the dark sides of the latest technologies.
Unfortunately, few effective efforts to shape this development in a way that promotes the common good are visible. Technologically sophisticated disinformation, censorship, and surveillance are eroding democracy in many places, further hollowing out the very system that humanity needs the most.
However, there are encouraging signs. Germany, for instance, is leading the way in regulatory efforts. The EU AI Act, effective August 2, 2025, imposes strict regulations and fines (up to 35 million euros) on AI violations. The focus is on transparency, accountability, and ethical use of AI to prevent social harm and ensure justice. Social movements and pilot projects in Hessen emphasize collaborative AI use that complements humans rather than replaces them, promoting fairness and multi-agent coordination. Legislative efforts also support digital justice reforms and ethical AI governance to regulate automation's impact and protect societal equity.
It's important to note that not everyone has benefited equally from past changes. Only a few initially benefited, and this trend may continue with AI and automation. Public criticism, social movements, and legal regulations have sometimes managed to harness progress for the benefit of society, and it's crucial that we continue to advocate for regulations that promote the common good.
Technological progress can lead to widespread prosperity, but it has often left a large portion of people impoverished. With AI and automation, we have the opportunity to learn from the past and shape the future in a way that benefits everyone. The authors argue that we can harness these technologies to create a more equitable, democratic, and prosperous world. It's a challenging task, but one that is worth pursuing.
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