How political economy remains decisive in ensuring shared prosperity from technology.Explain?
Political economy plays a crucial role in ensuring that technological advancements lead to shared prosperity rather than exacerbating inequalities. Here’s how: Regulation and Governance : Political decisions shape the regulatory framework that governs how technologies are developed, deployed, and used. Regulations can ensure fair competition, protect consumer rights, and promote inclusivity. For instance, laws can mandate accessibility standards for technology to ensure that all individuals benefit equally. Distribution of Benefits : The political economy determines how the economic benefits of technological progress are distributed. Policies such as progressive taxation or welfare programs can redistribute wealth and ensure that gains from technology benefit a broader segment of society, not just the wealthy or tech-savvy. Labor Market Dynamics : Technology often disrupts traditional industries and jobs. Political decisions influence how governments respond to these changes thro...