Mary C. Daly’s Post

The Nobel Prize for Daron Acemoglu, Simon Johnson and James Robinson is a well-deserved recognition for the immense contribution of these economists. The scholarship of Acemoglu, Johnson, and Robinson has resulted in many of my favorite readings in economics; and it has led to great advances in our ability to analyze the long run processes of technological progress and change with the tools of economic analysis. Their work sheds light on the important role of social institutions not only for the pace, but also the direction of technological innovation. It’s great to see this work receiving the recognition it deserves. Hopefully, this award may encourage further progress in the economic analysis of long run technological change. Perhaps it may also serve as a reminder of their seminal analysis #WhyNationsFail – only societies with inclusive economic institutions that give all members of society a chance to participate in the processes of creative destruction and technological change can produce sustained prosperity. One of the prime examples of such an inclusive economic institution is the patent system, which encourages experimentation and efficient transfer of knowledge. Acemoglu’s and Johnson’s recent work reminds us that technological innovation is not neutral, but reflects fundamental social struggles over #PowerAndProgress. It is important that decisions over the direction of technological change are not left to the few, but brought under the control of inclusive institutions. There is a huge amount of food for thought in this impressive body of scholarship, with many useful implications for practical and policy-oriented discussions on the future of the patent system, AI policy, and the institutions that define technical standards and the rules that govern their use.   https://lnkd.in/dyFED-XC

LSE alumni, Daron Acemoglu, Simon Johnson, and James A. Robinson, have been awarded the Nobel Prize for Economics 2024! 🌟 They received this prestigious honor for their groundbreaking research on how the quality of institutions in a country can lead it either towards economic prosperity or abject poverty. Their work has provided profound insights into the relationship between political and economic institutions and wealth. In their research, they state, "There's nothing natural about 30-, 40-, 50-fold differences in income per capita in a globalized, connected world." This means that huge differences in income per person across countries are often due to the country's institutions and governance, not natural factors. Their work emphasizes that inclusive institutions, which provide political liberties and property rights, are crucial for sustained economic growth, while extractive institutions, controlled by a small elite, hinder long-term prosperity. Their work has been instrumental in understanding why some countries thrive while others struggle, and it highlights the importance of building inclusive institutions for economic success. This research is a significant contribution to the field of economics and has far-reaching implications for policy-making and development strategies around the world. Congratulations to them for this remarkable achievement! 🎉🏆

Daron Acemoglu, Simon Johnson and James A Robinson have just won the Nobel Prize in Economics 2024. They have isolated the impact of political institutions on growth and development. Their use of colonial settler mortality rates as an instrumental variable to isolate the impact of institutions on growth was original and path-breaking. A seminal paper in #economics today, they have shown that a large portion of the income gap is not due to climate, geography or education. It is due to inclusive institutions. While there have been several critics of this seminal paper, it has stood the test of time. Interesting trivia: Daron also happened to be a student of Tim Besley at The London School of Economics and Political Science (LSE), who used to speak highly of him when I was completing a PhD there from 2008-11. Daron Acemoglu wrote 7 chapters for his PhD dissertation. His examiner said the weakest 3 were more than enough to pass. Acemoglu's most recent work also studies the impact of AI on labor markets. #NobelPrize

The Nobel Prize awarded to Acemoglu, Robinson, and Johnson is well-deserved. They have significantly contributed to the political economy and almost every corner of it. They have made the role of institutions mainstream. I am more impressed by Acemoglu's work in various areas of political economy than his work on the role of colonial legacies in economic development. Acemoglu's colonial legacies thesis is weak both empirically and theoretically. Dani Rodrik effectively criticised this in his paper "Getting Institutions Right." https://lnkd.in/dpTA9vBh It is also not right to credit Acemoglu with centralising the role of institutions in economic development. I think, Douglas North did a better job than him. But Acemoglue made it popular. Acemoglu's work is excellent in bringing political economy back to the mainstream. If you look at his Google Scholar profile, you will see that he has touched almost every important pillar of political economy. https://lnkd.in/di5AGY2D As a researcher in political economy and economic policies, I've come to realize that whether you agree with him or not, you cannot ignore his work. I'm impressed by his work on political transition, political bargaining, inequality and institutions, history and institutions, AI and growth, etc. Also, I have learned from him the importance of well-developed theory in guiding econometrics.

The theory of this year’s Nobel Prize winners is (partly) flawed. We are celebrating Acemoglu, Johnson, and Robinson for their work on institutions and prosperity. But - economic growth isn’t a one-size-fits-all story 🌍     While democracy often correlates with prosperity, real-world data shows that paths to success are far more diverse than a single theory can explain.    In my latest article, I explore the nuances and challenge the silver-bullet view of Acemoglu, Johnson, and Robinson’s work. Let’s embrace complexity and keep the conversation going.   https://lnkd.in/dsjBtGpN

2024 Nobel Memorial Prize in Economic Sciences: Daron Acemoglu, Simon Johnson, and James A. Robinson. Influential research on how institutions affect long-term economic growth. Their most recognized early work together is the article titled "The Colonial Origins of Comparative Development: An Empirical Investigation," published in the American Economic Review in 2001. This paper was foundational in establishing a theory on how historical institutions, particularly those set up during colonial times, continue to shape the development trajectories of countries today. Their broader body of work has explored the intersection of politics and economics, with significant contributions like the books Why Nations Fail and The Narrow Corridor. These works reflect their focus on understanding how political and economic institutions evolve and impact prosperity across different region.

📌 10th GENED - German Network for New Economic Dynamics Meeting at Technische Universität Chemnitz The Technische Universität Chemnitz and Fakultät für Wirtschaftswissenschaften will host the 10th Meeting of the GENED from September 30th to October 2nd, 2024. This event, organized by Prof. Torsten Heinrich, promises to be an enriching experience for all attendees. 🔍 Event Highlights: - A special tutorial on "Topics in Complexity Economics" by jean-philippe bouchaud (Capital Fund Management (CFM) | Imperial College London | Ecole normale supérieure). - A diverse range of contributed talks focusing on the latest developments and applications in agent-based modeling, complex systems, computational models, empirical studies, and innovative methods in economic dynamics. 📝 Call for Submissions: Extended abstracts are welcomed. You can submit your abstracts by August 1st, 2024, to [email protected] 📅 Registration Details: Interested in participating without presenting? Register by emailing [email protected] to secure your spot. There is no conference fee, ensuring open access to all interested parties. Additional info available here: https://lnkd.in/e-Q38TRs 🌍 Join us for this important academic gathering to share insights, foster collaborations, and advance the field of new economic dynamics. #GENED2024 #EconomicDynamics #AcademicConference #ABM #complexity #complexsystems #EconomicsResearch #empiricalresearch

Here is a concise summary of this video about the 2024 #NobelPrize in #Economics: Daron Acemoglu, Simon Johnson, and James A. Robinson won the 2023 Nobel Prize in Economics (technically the "Sveriges riksbank Prize in Economic Sciences") for their research explaining why some countries are rich and others remain poor. Their key findings include: 1. The main factor determining a nation's wealth is not natural resources, geography, or population, but rather the quality and reliability of its institutions. 2. Key Research Points: - Good institutions allow people to specialize and invest in skills, confident they'll be rewarded - The researchers proved that good institutions cause wealth (not just correlation) by studying colonial history - Surprisingly, regions that were poorest before colonialism often became richer afterward, while previously wealthy areas became poorer 3. Colonial Impact: - In wealthy pre-colonial regions, colonizers set up extractive institutions to control local populations - In less populated areas, colonizers established settler colonies with better institutions protecting property rights and investment - These institutional differences persisted after independence, affecting modern economic outcomes 4. The researchers recommend: - Peaceful transitions to better institutions rather than violent revolutions - Focus on creating fair, well-managed institutions that serve the whole population - Recognition that reform is difficult because elites benefit from poor institutions Acemoglu and Robinson are also known for their book "Why Nations Fail," which expands on these theories. Acemoglu is notably the third most-referenced economist in the world, cited more than Krugman, Friedman, or Keynes.

#economics #NobelPrize This post along with my previous posts on the Tamirisa-Kuznets curve is the fourth in a series of papers I like to call 'Annus Mirabilis of Economic Science' The Nobel Prize https://lnkd.in/ebJ2BJa3. The principal contribution of this paper is to extend the standard model of Total Factor Productivity (TFP) also known as the "Solow Residual". Aufklärung The New Economy Innovation, Technical Change, and Adoption Extending Productivity and Total Factor Productivity (TFP) by CHANDRASHEKAR TAMIRISA JAN 28, 2025 https://lnkd.in/ed2bT7ZZ. © 2025 One World http://tamirisa.com TAMIRISA