Increasing benefits & reducing social costs of technological innovations

Technological innovation is a double-edged sword. It can help solve major problems, such as how to treat cancer, and can be an engine of economic growth, but it can also cost jobs, such as when automation replaces people. Both aspects raise issues that have major but so far little-recognized policy implications. One such issue is that new technologies are now taking the place not just of routinized jobs but of more complex positions. Another is that many government policies meant to foster needed innovation are based on an outmoded understanding of how innovation occurs and thus are not as effective as they could be. As behavioral scientists who study technology and innovation, we offer insights into addressing both issues.