Nobel Prize in economics honors research on impact of institutions on national success
Summary: The Nobel Prize in Economics was awarded to Daron Acemoglu, Simon Johnson, and James A. Robinson for their research on how poor institutions impact a country's success. Their work highlights the role of societal institutions in achieving prosperity.
The economists demonstrated that countries with weak rule of law and exploitative systems struggle to achieve sustainable growth. They used examples like Nogales, Arizona, and Nogales, Sonora, to illustrate how differing institutions lead to significant disparities in wealth and quality of life.
Acemoglu expressed concern about the declining support for democratic institutions in the U.S. and Europe. He noted that democracies face challenges when citizens feel their needs are not being met.
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