The Nobel Prize in Economic Sciences was awarded to Daron Acemoglu, Simon Johnson, and James Robinson for their research on how institutions shape a country's economic success, especially through historical contexts such as colonialism.
Economist Diane Coyle explains that the researchers examined the influence of European colonialism on wealth disparities, highlighting that extractive institutions were created in regions where settlers struggled to survive, leading to poorer long-term outcomes.
The paradox highlighted by the Nobel Prize organization is that regions that were relatively prosperous 500 years ago, due to certain colonial institutions, are now often among the poorest globally.
Collection
[
|
...
]