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Has Automation Become Distorted Technology?

Friedrich Hayek was in the spotlight last week.in New Orleans.  So was Daron Acemoglu, of MIT.

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I was looking forward to the session on Hayek at the economic meetings in New Orleans last week. As a soldier of the revolution, I had learned a good deal from Hayek back in the day, when his occasional pieces sometimes appeared in Encounter magazine. (I knew Hayek had been the prime mover behind the founding of the classically liberal pro-markets Mont Pelerin Society in 1947;  knew, too, that Encounter has been partly funded by the Central Intelligence Agency, in 1953, in an effort to counter Cold War ambivalence. I understood that Hayek was one of a handful of economists