Economists’ voices on Nobel Prize winners in economics
Published: Monday, Oct 14th 2024, 14:30
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This year's Nobel Prize in Economic Sciences goes to the economists Daron Acemoglu, Simon Johnson and James A. Robinson, who work in the USA. They are being honored by the Royal Swedish Academy of Sciences in Stockholm for their studies on the role institutions play in the prosperity of nations.
Economists' assessments of the Nobel Prize winners at a glance:
Jan-Egbert Sturm, Director of the KOF Swiss Economic Institute at ETH Zurich
"Acemoglu, Johnson and Robinson have been awarded the Nobel Prize in Economic Sciences for their groundbreaking work on the relationship between institutions and long-term economic development. They argue that European colonialism shaped the institutions of former colonies, which had a lasting impact on their economic outcomes. Their research shows that institutional differences, rather than geography or colonial powers, are the main causes of long-term economic inequality.
Key findings include the 'reversal of fortune', where regions that were rich in 1500 are poorer today, mainly due to institutional changes rather than geographical factors. They emphasize the critical role of good governance, strong property rights and inclusive institutions in promoting sustainable economic growth, which has important policy implications for promoting development globally."
Hans Gersbach, Director of the KOF Swiss Economic Institute at ETH Zurich
"With the work of Acemoglu, Johnson, and Robinson, we know much more about when formal rules, their effectiveness in enforcement and norms can secure and increase the prosperity of the population. The prime example is private property rights, which can be enjoyed by all members of a society and create incentives for investment and participation in markets. With her work, she has both conceptually penetrated and empirically identified the role of such institutions in a convincing manner.
Acemoglu and Johnson also explain why good institutions are repeatedly not elected, even though they are so promising. They have shown that possible social conflicts, credibility problems and the self-interest of elites and autocrats can prevent reforms with better institutions. They have also shown what good political institutions should look like and how democratic societies can develop. For Switzerland, the Nobel Prize winners indirectly show how important our economic and political institutions - and their further development - are for the country's economic future."
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