The Nobel committee acknowledged that the research by Acemoglu, Johnson, and Robinson deepened our understanding of how institutional frameworks during colonial times influenced long-term economic prosperity.
Jacobs Svensson emphasized the importance of this research in addressing one of the most pressing issues of our time: the stark income disparities between nations.
The laureates found that inclusive institutions fostered personal property rights and broader economic participation, setting nations on paths toward sustained prosperity.
In contrast, extractive institutions benefited elites alone, leading to fleeting prosperity at the expense of broader wealth-sharing, thus undermining long-term development.
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