Nobel Economics Prize 2024 Explained | InFocus | UPSC | Drishti IAS

Описание к видео Nobel Economics Prize 2024 Explained | InFocus | UPSC | Drishti IAS

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This year's economic sciences laureates—Daron Acemoglu, Simon Johnson, and James Robinson—highlight the role of societal institutions in a nation's prosperity. Their research shows that colonial practices significantly influenced institutional frameworks, leading to varying economic outcomes. Inclusive institutions foster long-term growth, while extractive ones benefit a small elite, trapping countries in poverty. The inability to make credible promises for reform often hinders improvement, though threats of revolution can lead to democratization. Ultimately, the laureates emphasize that addressing income disparities between nations hinges on understanding and improving these foundational institutions.
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