CNBC: World News Nobel economics prize for 2024 awarded to Daron Acemoglu, Simon Johnson and James Robinson Published Mon, Oct 14 20245:56 AM
'The academics have helped show why societies with “poor rule of law and institutions that exploit the population do not generate growth or change for the better,” the Nobel committee said, demonstrating the “importance of societal institutions for a country’s prosperity.”'
"The laureates have helped explain how the political and economic systems introduced by colonizing countries from the 16th century onward play a key part in this disparity — and that places that were the richest at the time of colonization in relative terms are now among the poorest, the committee said."
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They provided an explanation for why some countries are rich and others poor
https://www.nobelprize.org/uploads/2024/10/popular-economicsciencesprize2024.pdf
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https://www.amazon.com/Why-Nations-Fail-Origins-Prosperity/dp/0307719227
"Daron Acemoglu and James Robinson conclusively show that it is man-made political and economic institutions that underlie economic success (or lack of it). Korea, to take just one of their fascinating examples, is a remarkably homogeneous nation, yet the people of North Korea are among the poorest on earth while their brothers and sisters in South Korea are among the richest. The south forged a society that created incentives, rewarded innovation, and allowed everyone to participate in economic opportunities."
"The economic success thus spurred was sustained because the government became accountable and responsive to citizens and the great mass of people. Sadly, the people of the north have endured decades of famine, political repression, and very different economic institutions—with no end in sight. The differences between the Koreas is due to the politics that created these completely different institutional trajectories."
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