Congratulations to @DAcemogluMIT, @baselinescene & James Robinson on their @NobelPrize in Economic Sciences. While their work on institutions is important, it's crucial to remember that development is complex.
As @yuenyuenang, @mushtaqkhan100 & Ha-Joon Chang argue, effective institutions must be context-specific, not just replicas of Western models.
Truly inclusive and sustainable institutions should be embedded in local realities, learning from the full array of conditions necessary for development.
Congratulations to @DAcemogluMIT, @baselinescene & James Robinson on their @NobelPrize in Economic Sciences. While their work on institutions is important, it's crucial to remember that development is complex. As @yuenyuenang, @mushtaqkhan100 & Ha-Joon Chang argue, effective institutions must be context-specific, not just replicas of Western models. Truly inclusive and sustainable institutions should be embedded in local realities, learning from the full array of conditions necessary for development.
Why Nations Fail is a bit longer than The Communist Manifesto , but it is essentially The Bourgeois Manifesto . Merchants having become wealthy from the Atlantic trade win property rights in England, already primed for this breakthrough. Resultant regime called inclusive , though the merchants were primarily slavers.
They will underline however tha... See more
They will underline however tha... See more
Rakesh Bhandari • Tweet
Congrats to AJR! They are brilliant.
But I don't agree with their idealized portrayal of institutions in Western development
It is historically inaccurate, if not ideologized
Thus, not only do they struggle to explain China, they also can't explain why Western economies like the US prospered despite being as corrupt as China is today
But I don't agree with their idealized portrayal of institutions in Western development
It is historically inaccurate, if not ideologized
Thus, not only do they struggle to explain China, they also can't explain why Western economies like the US prospered despite being as corrupt as China is today
Yuen Yuen Ang • Tweet
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1974
nobelprize.orgnobelprize.org