The History of Technological Anxiety and the Future of Economic Growth: Is This Time Different?

Technology is widely considered the main source of economic progress, but it has also generated cultural anxiety throughout history. The developed world is now suffering from another bout of such angst. Anxieties over technology can take on several forms, and we focus on three of the most prominent...

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Published inThe Journal of economic perspectives Vol. 29; no. 3; pp. 31 - 50
Main Authors Mokyr, Joel, Vickers, Chris, Ziebarth, Nicolas L.
Format Journal Article
LanguageEnglish
Published Nashville American Economic Association 01.07.2015
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Abstract Technology is widely considered the main source of economic progress, but it has also generated cultural anxiety throughout history. The developed world is now suffering from another bout of such angst. Anxieties over technology can take on several forms, and we focus on three of the most prominent concerns. First, there is the concern that technological progress will cause widespread substitution of machines for labor, which in turn could lead to technological unemployment and a further increase in inequality in the short run, even if the long-run effects are beneficial. Second, there has been anxiety over the moral implications of technological process for human welfare, broadly defined. While, during the Industrial Revolution, the worry was about the dehumanizing effects of work, in modern times, perhaps the greater fear is a world where the elimination of work itself is the source of dehumanization. A third concern cuts in the opposite direction, suggesting that the epoch of major technological progress is behind us. Understanding the history of technological anxiety provides perspective on whether this time is truly different. We consider the role of these three anxieties among economists, primarily focusing on the historical period from the late 18th to the early 20th century, and then compare the historical and current manifestations of these three concerns.
AbstractList Technology is widely considered the main source of economic progress, but it has also generated cultural anxiety throughout history. The developed world is now suffering from another bout of such angst. Anxieties over technology can take on several forms, and we focus on three of the most prominent concerns. First, there is the concern that technological progress will cause widespread substitution of machines for labor, which in turn could lead to technological unemployment and a further increase in inequality in the short run, even if the long-run effects are beneficial. Second, there has been anxiety over the moral implications of technological process for human welfare, broadly defined. While, during the Industrial Revolution, the worry was about the dehumanizing effects of work, in modern times, perhaps the greater fear is a world where the elimination of work itself is the source of dehumanization. A third concern cuts in the opposite direction, suggesting that the epoch of major technological progress is behind us. Understanding the history of technological anxiety provides perspective on whether this time is truly different. We consider the role of these three anxieties among economists, primarily focusing on the historical period from the late 18th to the early 20th century, and then compare the historical and current manifestations of these three concerns.
Author Ziebarth, Nicolas L.
Vickers, Chris
Mokyr, Joel
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  givenname: Nicolas L.
  surname: Ziebarth
  fullname: Ziebarth, Nicolas L.
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Lonigan Edna (p_47) 1939; 29
Summers Lawrence H (p_76) 2013
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Mokyr Joel (p_58) 2010
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Snippet Technology is widely considered the main source of economic progress, but it has also generated cultural anxiety throughout history. The developed world is now...
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StartPage 31
SubjectTerms Anxiety
Debates
Economic growth
Economic theory
Economists
Employment
Great Depression
History
Income inequality
Industrial Revolution
Information technology
Innovations
Labor
Machinery
Political economy
Population growth
Productivity
Recreation
Sociology
Stagnation
Studies
Symposium: Automation and Labor Markets
Technological innovation
Technology
Technophobia
United States
Worry
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Title The History of Technological Anxiety and the Future of Economic Growth: Is This Time Different?
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