What makes recent technological developments so devastating is not their novelty, but rather that the political economy of developed democracies is already set up to ensure the proceeds of growth are not widely shared.

You can download the full article for free here:
doi.org/10.1093/ser/...
[5/5]

This is not (just) a story about generative AI displacing new graduates: it is a story about how knowledge work has been transformed and squeezed by successive technological advances, such as cloud computing and the platformisation of the digital economy. [4/5]

Moreover, even those sectors that were supposed to epitomise the new high-skill, high-wage paradigm in which 'what you earn depends on what you learn' have in fact become increasingly capital-intensive over time, denying skilled workers a higher share of the proceeds of growth. [3/5]

My new article, free to read in the Socio-Economic Review, explores productivity and inequality trends in advanced democracies from 1995 through to the eve of the COVID-19 pandemic. It exposes how the knowledge economy nowhere lived up to its promise of inclusive growth. [2/5]

This was an excellent piece by @craigpberry.bsky.social & @nickod.bsky.social on the relationship between equality and innovation, busting the idea that the two need be in tension:
journals.lwbooks.co.uk/renewal/vol-...