Technology plays a role from "summary" of The Haves and the Have-Nots by Branko Milanovic
Technology indeed plays a crucial role in shaping the distribution of income and wealth in society. This is evident in the way advancements in technology have allowed for the creation of new industries and the automation of various tasks, leading to changes in the demand for different types of labor. With the rise of technology, certain skills become more valuable, while others become obsolete. This shift in demand for skills can result in increased income inequality, as those with the necessary skills to thrive in the new economy are able to command higher wages, while those without such skills struggle to find well-paying jobs. Moreover, technology has also enabled the globalization of markets, allowing companies to access cheaper labor and resources from around the world. This has led to the outsourcing of jobs to countries with lower labor costs, further exacerbating income inequality in developed countries where higher-paying jobs are lost to cheaper overseas alternatives. At the same time, technology has also created new opportunities for wealth accumulation, particularly for those who are able to invest in or create new technologies. The wealthy elite who have access to capital and the means to invest in emerging technologies can reap the benefits of these advancements, further widening the gap between the haves and the have-nots. In this way, technology has become a double-edged sword in the distribution of income and wealth, both creating opportunities for economic advancement and exacerbating existing inequalities. As technology continues to advance at a rapid pace, it is crucial for policymakers to consider the implications of these developments and work towards creating a more equitable distribution of resources in society.
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