The X factor in a country’s prosperity
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The 2024 Nobel economics prize awarded to Daron Acemoglu, Simon Johnson, and James A. Robinson for research on societal institutions' impact on prosperity; their work highlights the importance of inclusive institutions over climate, geography, or culture; the richest 20% of countries are 30 times wealthier than the poorest 20%; their findings are based on the book 'Why Nations Fail' (2012); they argue that democratic setups and proper institutions foster investment; Acemoglu notes China's challenge to their argument regarding sustainable growth; their latest book 'Power and Progress' (2023) discusses technology's benefits to elites; the Royal Swedish Academy emphasizes the need for strong institutions to reduce income disparities.

#NobelPrize #Economics #Institutions #Prosperity #DaronAcemoglu #SimonJohnson #JamesRobinson #Inequality #Research #GlobalEconomy

https://www.financialexpress.com/policy/economy-the-x-factor-in-a-countrys-prosperity-3639680/