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Nobel Prize in Economics awarded for research on national wealth disparities

economist.com — October 14, 2024, 08:00 PM UTC

Summary: Daron Acemoglu, Simon Johnson, and James Robinson have won the Nobel Prize in Economics for their research on why some nations are wealthy while others are not. Their work challenges traditional views that focus solely on labor, capital, and technology.

The researchers argue that a person's economic success is largely influenced by their birthplace rather than individual effort. This perspective shifts the focus from just accumulating resources to understanding the underlying factors that lead to economic disparities.

Their findings highlight the importance of institutions and policies in shaping economic outcomes, providing a new framework for analyzing wealth and poverty among nations.

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