Economists Awarded Nobel Prize for Research on Global Inequality and Institutions

Daron Acemoglu, Simon Johnson, and James Robinson are recognized for their work linking economic prosperity to institutional frameworks established during colonial times.

• The Nobel Prize in Economics honors research that highlights the role of 'inclusive' versus 'extractive' institutions in shaping national wealth.
• Acemoglu, Johnson, and Robinson argue that countries with inclusive institutions, which promote democracy and rule of law, are more prosperous.
• Their work suggests that the colonial legacy of institutional development has long-term effects on modern economic disparities.
• Critics question the empirical robustness of their findings, pointing to alternative explanations such as human capital and cultural factors.
• The research has sparked calls for institutional reforms in countries like China, where economic growth is challenged by existing governance models.

13 Articles

USA TODAY Vox Courrier International Free Press Journal The Conversation mint Contrepoints American Enterprise Institute Phys.org South China Morning Post Noahpinion Morning Brew Benzinga