Prof. Acemoğlu: High quality growth will gain importance in the next 20 years
Professor Daron Acemoğlu stated that in high quality growth will gain importance in the next 20 years in the world.
Professor Daron Acemoğlu stated that in high quality growth will gain importance in the next 20 years in the world.
Daron Acemoğlu, professor of economics at MIT, said in his speech that countries should provide high quality growth in the forthcoming period. Acemoğlu said, "High quality growth means; the increase in the quality of education, increased health services and increase in wages. But there are obstacles in the way."
Acemoğlu said, "Thirty years ago, a car factory in the US was full of workers, and the workers were the country's best winning workers. But now all the production in the same factory is performed by industrial robots. Robots and automation are being used more and more in the countries where the workforce is aging." Acemoğlu underlined that this situation is valid not only for the US but also all over the world. Acemoğlu, said he disagrees that robots and artificial intelligence would increase the unemployment and added, "In the economic history, there were periods of automation. During the industrial revolution in England and at the beginning of the 20th century in the United States in the mechanization of agriculture did not create unemployment because this automation era creates new professions".
Acemoğlu explained the obstacles to high quality growth as the lack of inclusive institutions, lack of democracy and misuse of technology and added, "Technology offers great opportunities. The important thing is how we use the technology. Humanity has been using technology very well for the last 200 years. For example, we can use artificial intelligence in many new jobs and create other business areas and thus procure growth."
Professor Acemoğlu stated that some opinion leaders could realize economic growth of a country without inclusive institutions and democracy, pointing out China, "However, when we look at the data, the growth of countries falls as they move away from democracy."
PROF. ACEMOĞLU: TURKEY GREW WITHOUT PRODUCING
Acemoğluy said that, Turkey recorded high quality growth between 2000 2007 when the institutions of Turkey reformed, "Turkey has grown in recent years with the construction on loans. There is a weak investment in industry. This kind of growth is not sustainable. Turkey's potential is very high, because there is a young and dynamic population. South Korea, began to grow as much poorer than Turkey. Especially in the 80´s, when Korea was democratized, it achieved a great success with a high quality growth" he added.
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