Nobel prize in economics 2024 - Daron acemoglu, Simon Johnson and James A Robinson !
ಇತ್ತೇಚೆಗೆ ನಾನು ಓದಿದ “ why nations fail “ by Darren acemoglu and Tim Robinson ಪುಸ್ತಕದ ಕೆಲವು ಮುಖ್ಯ ಅಂಶಗಳು ಇಲ್ಲಿವೆ ….ಅವರಿಗೆ ಈ ಬಾರಿಯ ನೊಬೆಲ್ ಪಾರಿತೋಷಕ ಬಂದಿದೆ
1) Why some countries with less resources do well relative to some with abundance ….
Japan, Australia vs some African countries
- political structure
- Financial institutions
- economic structure
- Technology & application
- People’s attitude and motivation
- corruption
Rise of South Korea, Singapore, china in the last 50 years
2) Economy depends on standards of living
- clean water, Roads, sanitation, voting rights, health and education, democracy and freedom, access to financial system, political opportunities
3) History shapes political knowledge
- bubonic plagues and death of 250 million making workforce important and in demand
- Statute of labourers (1351) demanding fair means for workers
- economic and political systems
- absence of barrier to entry for business and politics in a open and inclusive society
4) Literacy fuels growth
- Guttenberg press in Germany and books printing (1445)
- mass literacy and education in Europe
- incentive and motivation for education
- Ease of business for anyone
5) Inclusive states or countries (Democratic)
- Ruling elite problem
- application of technology
- public services
- exploiting resources
- wealth concentration
- less people in decision making
Developed countries like OECD did well in people’s participation, inclusive institutions, literacy, less corruption, sharing prosperity, attitude etc.
6) Colonial past especially in Africa and Asia
- slavery in Africa
- conflicts and disputes
- extractive institutions
- racial prejudice
- Black Death
- Trans Atlantic slave trade
- loss of languages and culture in Africa
- wars and plague
- trade, education, science and technology
- people and institutions
7) Exploitation harms society
- Selfish leadership (corrupt)
- Authoritarian leaders (Dictators)
- corruption and conflicts (Third world problem)
- extractive institutions (Colonial hangover)

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