Commencing in July, MIT’s Shaping the Future of Work Initiative in the Department of Economics will herald a notable new chapter in research, policy, and education for the forthcoming generation of scholars, made feasible by a donation from the James M. and Cathleen D. Stone Foundation. To honor this contribution and the broadened objectives it facilitates, on July 1, the initiative will integrate into the newly established James M. and Cathleen D. Stone Center on Inequality and Shaping the Future of Work. This center is set to be inaugurated at a public gathering in the fall of 2025.
Leadership of the Stone Center will be in the hands of Daron Acemoglu, Institute Professor, alongside co-directors David Autor, the Daniel (1972) and Gail Rubinfeld Professor in Economics, and Simon Johnson, the Ronald A. Kurtz (1954) Professor of Entrepreneurship. It will be part of a worldwide network of 11 other wealth inequality centers financed by the Stone Foundation, all aimed at enhancing research on the origins and repercussions of the increasing concentration at the pinnacle of the wealth hierarchy.
“This generous contribution from the Stone Foundation propels our groundbreaking economics exploration into inequality, technology, and the future workforce. This initiative will cultivate a pipeline of scholars in this vital field of study and assist in enlightening the public and decision-makers,” remarks Provost Cynthia Barnhart.
Initially founded as part of MIT Blueprint Labs through a foundational donation from the William and Flora Hewlett Foundation, the Shaping the Future of Work Initiative is a neutral research entity that utilizes economics research to discover innovative pathways to direct the labor market toward a more just trajectory, particularly focusing on rejuvenating labor market prospects for individuals lacking a college education. Leveraging insights from advanced micro- and macroeconomics, economic sociology, political economy, and other domains, the initiative aims to address crucial inquiries regarding the reduction in job opportunities for non-college graduates in recent years. Such labor market transformations have significantly influenced the rise in wealth inequality, a phenomenon that has, in turn, widely transformed our economy, democracy, and society.
Support from the Stone Foundation will empower the new Stone Center to expand upon the Shaping the Future of Work Initiative’s existing research agenda and broaden its focus to incorporate an increasing emphasis on the relationship between technology and inequality, as well as the technology sector’s influence on shaping future disparities.
Key goals of the James M. and Cathleen D. Stone Center on Inequality and Shaping the Future of Work will encompass nurturing connections among researchers engaged in trailblazing studies of automation, AI, the convergence of work and technology, and wealth inequality across various disciplines, including collaboration with the Department of Economics, the MIT Sloan School of Management, and the MIT Stephen A. Schwarzman College of Computing; bolstering the pipeline of emerging scholars dedicated to these topics; and utilizing research to inform and connect with a broader audience including the general public, undergraduate and graduate students, and policymakers.
The Stone Foundation’s backing will facilitate the center’s efforts to bolster and broaden its commitments to generate new research, organize additional events to disseminate research outcomes, foster connections and cooperation among scholars working on related subjects, provide fresh resources for the center’s research associates, and enhance public engagement to raise awareness about this critical emerging challenge. “Cathy and I are excited to welcome MIT to the expanding family of Stone Centers dedicated to addressing the urgent challenges posed by escalating wealth inequality,” states James M. Stone.
Agustín Rayo, dean of the School of Humanities, Arts, and Social Sciences, comments, “I am excited to commemorate the establishment of the James M. and Cathleen D. Stone Center within the MIT economics department. It will not only enhance the innovative work of MIT’s social scientists but will also promote cross-disciplinary interactions that will yield new insights and solutions to complex social issues.”
Jonathan Gruber, chair of the Department of Economics, adds, “I am immensely enthusiastic about the Stone Foundation’s backing for the Shaping the Future of Work Initiative. The initiative’s leaders have been significantly ahead in anticipating the rapid transformations that technological forces are bringing to the labor market, and their impactful studies have illuminated the potential effects of AI and other technologies on American workers. The generosity of the Stone Foundation will enable them to continue this vital work, while expanding their focus to address other crucial issues related to inequality. This is an extraordinary moment for the paradigm-altering research that Acemoglu, Autor, and Johnson are conducting here at MIT.”
“We are incredibly fortunate to be joining the Stone Centers network globally. Jim and Cathleen Stone are visionary and generous benefactors, and we are thrilled that they are willing to support us and MIT in this manner,” remarks Johnson. “We anticipate collaborating with all our colleagues at MIT and across the globe to enhance understanding and practical strategies regarding inequality and the future of work.”
Autor further emphasizes, “This support will permit us — and many others — to concentrate our academic work, teaching, and public outreach towards shaping a labor market that provides opportunity, mobility, and economic security to a far broader array of individuals.”