Nobel Prize in Economics: An Almost Obvious Answer
On Monday this week the Nobel Committee awarded the Nobel Prize in economics to Daron Acemoglu, Simon Johnson and James Robinson for their work in explaining why some countries become rich and others remain poor. That sounds like super-important socioeconomic insight, right? Except see how plainly obvious it is in the Nobel Committee's own summary of the work:
"Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better.”
Gosh, ya think? Exploitative governments, run by kleptocrats, rent-seekers, and people who rule with violence for their own benefit, ultimately lead to poorer societies.
Example news articles: CNN article, AP News article, NPR News article, Reuters article.
"Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better.”
Gosh, ya think? Exploitative governments, run by kleptocrats, rent-seekers, and people who rule with violence for their own benefit, ultimately lead to poorer societies.
Example news articles: CNN article, AP News article, NPR News article, Reuters article.