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Fortune

MIT researchers have found that “automation is the primary reason the income gap between more and less educated workers has continued to widen,” reports Ellen McGirt for Fortune. “This single one variable…explains 50 to 70% of the changes or variation between group inequality from 1980 to about 2016,” says Prof. Daron Acemoglu

Economist

The Economist highlights several studies by MIT researchers on income inequality and wages in the U.S., noting that “Clem Aeppli of Harvard and Nathan Wilmers of MIT found that earnings inequality basically reached a plateau after 2012.” Additionally, Prof. David Autor and his colleagues have found that wages for the bottom half of workers have been growing roughly two percentage points faster than for the upper half of workers.

Financial Times

Prof. Daron Acemoglu and his colleagues have found that “managers educated at business schools were more likely to favor shareholders over employees,” writes University of London Prof. André Spicer for the Financial Times. The researchers found that “employees working for companies run by a business school-educated manager earned, on average, 6 percent less in the US and 3 percent less in Denmark,” writes Spicer.

Financial Times

New research by Prof. David Autor finds that in the U.S. the fast wage growth underway likely reflects a more competitive labor market for workers, writes Martin Sandbu for the Financial Times. “If more workers than before are shifting from worse-paid to better-paid jobs, then wage acceleration is a welcome indicator of an equally welcome reallocation of labor towards more productive activities,” Sandbu writes.

Los Angeles Times

Writing for The Los Angeles Times, Prof. Simon Johnson predicts that Russia has entered a period of secular decline, noting that the “direct economic impact will be reflected in the world energy market.” Johnson writes: “In 2023 and beyond, the West needs to focus more intently on reducing demand for fossil fuels, particularly oil, and increasing the supply of alternative energy sources outside the control of Russia and OPEC.”

HealthDay News

A study by Prof. Amy Finkelstein finds that physicians and their families are less likely to comply with medication guidelines, reports Dennis Thompson for HealthDay. The researchers found that “people tend to adhere to medication guidelines about 54% of the time, while doctors and their families lag about 4 percentage points behind that.”

Los Angeles Times

Prof. Simon Johnson and his colleagues write for The Los Angeles Times about how a cap on Russian crude oil will prevent Russia from disrupting global oil markets while protecting the world economy. “This is an important step toward reducing Russa’s capacity to continue the war in Ukraine,” they write.

Politico

Prof. Daron Acemoglu speaks with Politico reporter Derek Robertson about his new study examining the impacts of automation on the workforce and economy. “This discussion gets framed around ‘Will robots and AI destroy jobs, and lead to a jobless future,’ and I think that's the wrong framing,” says Acemoglu. “Industrial robots may have reduced U.S. employment by half a percent, which is not trivial, but nothing on that scale [of a “jobless future”] has happened — but if you look at the inequality implications, it's been massive.”

The Washington Post

A new study by Prof. Daron Acemoglu, former postdoctoral fellow Nicolaj Mühlbach and London School of Economics Prof. Andrew Scott finds that while American jobs have become age-friendlier, “older workers haven’t been the biggest beneficiaries of this age-friendly job bonanza,” reports Andrew Van Dam for The Washington Post. The researchers found, “workers age 62 and older were significantly more willing to accept a smaller paycheck if a job involved moderate physical activity, more time sitting and the autonomy to choose how to do their job,” writes Van Dam.

TechCrunch

TechCrunch reporter Brian Heater spotlights a new study by Prof. Daron Acemoglu that examines the impact of automation on the workforce. “We’re starting with a very clear premise here: in 21st-century America, the wealth gap is big and only getting bigger,” writes Heater. “The paper, ‘Tasks, Automation, and the Rise in U.S. Wage Inequality,’ attempts to explore the correlation between the growing income gap and automation.”

Financial Times

“Risky Business: Why Insurance Markets Fail and What to Do About It” by Prof. Amy Finkelstein, Boston University Prof. Ray Fisman, and Stanford University Prof. Liran Einav was named one of the best economics books of 2022 reports Martin Wolf for Financial Times.

Popular Science

Popular Science reporter Andrew Paul writes that a study co-authored by Institute Prof. Daron Acemoglu examines the impact of automation on the workforce over the past four decades and finds that “‘so-so automation’ exacerbates wage gaps between white and blue collar workers more than almost any other factor.”

GBH

Prof. Jonathan Gruber speaks with GBH hosts Jim Braude and Margery Eagan about why Democrats are pushing to raise the debt ceiling. “This is really about paying off the money that Congress approved to spend for all of the things the government does,” says Gruber.

New York Times

Profs. Daron Acemoglu and David Autor speak with New York Times correspondent Thomas B. Edsall about the forces driving working-class voters towards the Republican party. “Elites are making choices that are not good news for non-college workers,” said Acemoglu. “In fact, they are bad news for most workers.”