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Controversial Nobel Prize in Economics: Unraveling the Power of Institutions
The recent Nobel Prize in Economic Sciences sparks debate on the role of institutions in a country's prosperity and the impact of colonization.
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CuttNews -
2024-11-02
The prestigious Nobel Prize in Economic Sciences has been awarded to Daron Acemoglu, Simon Johnson, and James Robinson for their groundbreaking research on the pivotal role that institutions play in a nation's economic development. The trio explained the concept of 'inclusive institutions,' which foster long-term benefits for the entire population, and 'extractive institutions,' which prioritize short-term gains for those in power. This recognition sheds light on the profound impact institutions have on wealth creation and explains why some former colonies continue to struggle.
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