Three US-Based Researchers Share Nobel Prize in Economics

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Facts

  • The 2024 Nobel Prize in Economics was awarded to Daron Acemoglu and Simon Johnson of the Massachusetts Institute of Technology (MIT) and James A. Robinson of the University of Chicago for their work on 'how institutions are formed and affect prosperity.'[1]
  • According to Turkish-born Acemoglu, the group's research focused on European colonialism. Instead of focusing on whether colonialism was 'good' or 'bad' Acemoglu said they studied how 'different colonial strategies have led to different institutional patterns that have persisted over time.'[1][2]
  • The trio found that starting in the 16th century, the colonized countries of Africa, Asia, and the Americas, where disease was less prevalent, led to more inclusive institutions with a shared goal of long-term prosperity.[3]
  • On the flip side, the group found that countries where colonial powers focused solely on extracting resources, and thus didn't implement institutions like schools and laws, experienced little long-term economic growth.[4]
  • UK-born Robinson, who's written three books with Acemoglu, said, 'We were able to use a lot of techniques from labor economics, and other parts of economics, and import them into studying these issues of comparative development.'[5]
  • Chairman of the Committee for the Prize in Economic Sciences, Jakob Svensson, said the trio 'demonstrated the importance of societal institutions for achieving' a reduction in 'vast differences in income between countries.'[6]

Sources: [1]NobelPrize.org, [2]New York Times, [3]Wsj, [4]Washington Post, [5]University of Chicago News and [6]New York Post.

Narratives

  • Left narrative, as provided by ROAPE. Research on this topic is paramount to understanding why certain countries thrive economically while others are left impoverished. This phenomenon is most evident in Africa, where Western empires used the imperialist claim of 'civilizing' populations as an excuse to steal resources and enslave people. The West is rich today thanks to the plundering of African land and the forced labor of African people.
  • Right narrative, as provided by Youtube. Whether it be the Romans conquering Britain, the British conquering Scotland, or European imperialism in Africa, all of the relevant variables and dynamics need to be evaluated fairly. Likewise, if you look at the countries never colonized by imperial powers, they remained the most impoverished countries on Earth. A nuanced approach is needed.

Predictions