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 ... See more
Mariana Mazzucatox.comCongratulations 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.
These are problems that can only be solved by policymakers (including program managers working for donors, IFIs, and philanthropies) reclaiming their roles as bridges between rigorous academic research and policy formulation and implementation. That means internalizing the fact that the craft of policymaking is both an art and a science. Socio-hist... See more
Academic research and policy research are two different things
Disease control is not the only area where global cooperation is vital today. The case for global cooperation and institutions extends to many urgent concerns, including the control of human-induced climate change; the conservation of biodiversity; the control and reversal of the massive pollution of the air, soils, and oceans; the proper uses and
... See moreJeffrey D. Sachs • The Ages of Globalization: Geography, Technology, and Institutions
The key to wellbeing, therefore, is a combination of objectives—not just the pursuit of wealth, but the combination of prosperity, lower levels of inequality, and environmental sustainability. The triple bottom line of economic, social, and environmental objectives is the concept of sustainable development. It must be the essential vision for our t
... See moreJeffrey D. Sachs • The Ages of Globalization: Geography, Technology, and Institutions
Instead of presuming that optimal institutional solutions can be designed easily and imposed at low cost by external authorities, I argue that "getting the institutions right" is a difficult, time-consuming, conflict-invoking process.