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In recent years, a growing chorus of academics and policymakers has been sounding the alarm about technological disruption of the labor market. Millions of jobs could soon be performed by machines, and that means millions of workers will need to be furnished with the skills to pursue new forms of work.
With the rise of digital technologies and big data, the global economy is undergoing a fundamental transformation that poses significant challenges to governments and policymakers. Unless tools are developed to measure new sources of value in the real economy, current and future generations' wellbeing will be in jeopardy.
Today, the very countries that have spent 70 years building multilateral institutions and establishing global trade rules are busy undermining them. In this context, the absence of even a whiff of protest against financial integration demands explanation.
Among the most discussed climate-change remedies are those that would use market forces to make fossil fuels more expensive. But while free markets may have steered much of the world toward a wealthier, healthier future, placing our faith in Smith’s “invisible hand” to win the fight against climate change would be a tragic mistake.