Addressing the big questions about how technological change is transforming economies and societies
Rapid technological changelikely to accelerate as a consequence of the COVID-19 pandemicis reshaping economies and how they grow. But change also causes disruption, creates winners and losers, and produces social stress. This book examines the challenges of digital transformation and suggests how creative policies can make it more productive and inclusive.
Shifting Paradigms is the second book on technological change produced by a joint research project of the Brookings Institution and the Korea Development Institute. Contributors are experts from the United States, Europe, and Korea. The first volume, Growth in a Time of Change, was published by Brookings in February 2020.
The book's underlying thesis is that the future is arriving faster than expected. Long-accepted paradigms about economic growth are changing as digital technologies transform markets and nearly every aspect of business and work. Change will only intensify with advances in artificial intelligence and other innovations.
Investors, business leaders, workers, and public officials face many questions. Is rising market concentration inevitable with the new technologies or can their benefits be more widely shared? How can the promise of FinTech be captured while managing risks? Should workers fear the new automation? Are technology-driven shifts in business and work causing income inequality to rise? How should public policy respond?
Shifting Paradigms addresses these questions in an engaging manner for anyone interested in understanding how the economic and social agenda is being transformed by today's winds of change.
1. Overview: Digital Metamorphosis and Economic ChangeZia Qureshi and Cheonsik Woo
2. Gone Digital: Technology Diffusion in the Digital EraFlavio Calvino and Chiara Criscuolo
3. Digital Technologies, Intangibles, and Firm ProductivityMinho Kim
4. Harnessing the Promise of FintechThomas Philippon
5. Automation, Jobs, and Wages: Should Workers Fear the New Automation?Harry J. Holzer
6. Organizing for Digitalization at the Firm LevelSunghoon Chung and Sangmin Aum
7. Digitalization and InequalityFrançois Bourguignon
8. Technological Change and Inequality in KoreaJungsoo Park
Artificial intelligence, robotics, fintech, and the recent growth of working from home are all particular manifestations of the broader transformation of digital technology on the economy. Since the Industrial Revolution, technological progress and the diffusion of advanced technologies have been the primary sources of improved living around the world, but over the last four decades growth has slowed and inequality has increased. This volume, edited by Qureshi and Woo, assembles seven essays by prominent scholars to analyze the effects of digital technologies…. Recommended. Advanced undergraduates and graduate students.