Recommendable!
I also have the impression that the three laureates of the Nobel Prize in economics of 2024 are not very convincing. As an economist myself I was not aware of these three economists and their work!
What seems to be also very obvious is the three economists preoccupation with European colonialism or eurocentrism as if Europeans were the only colonialists! Economics has little to do with Europe!
"... To professional economists, this award is no surprise, because these economists are giants in the field of political economy [???]. In fact, until their work broke out in the early 2000s, the field of political economy was neglected within economics [for a good reason (politics and science don't mix) it was neglected]. ...
Acemoglu and Robinson wrote up a lot of this work in a way that was accessible to the layperson in their book, Why Nations Fail. ... While its account is broadly consistent with the more rigorous papers mentioned above, the book certainly plays fast and loose with its concepts of political institutions. Instead of focusing on protection of private property and contracts, the authors label their favored rules “inclusive institutions,” strongly implying throughout the text that democracy, understood as majority rule with universal suffrage, promotes economic development. The only trouble is that the institutions they find that promote development are not necessarily democratic in that sense, but have a lot more to do with simple rule of law and constraints on arbitrary power. ...
One critique is that good policies, not good institutions, promote development — and thus dictatorships [like in Chile in the 1970s or early Singapore or China since the 1980s] can promote growth just as democracies can. ..."
One critique is that good policies, not good institutions, promote development — and thus dictatorships [like in Chile in the 1970s or early Singapore or China since the 1980s] can promote growth just as democracies can. ..."
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