Daron Acemoglu on Why Nations Fail
EconTalk
00:00
What Do You Think of Smith's Work?
Anee he the beacon: How do you see your work relating to smith? Because there's certain overlaps, obviously. So essentially, what we describe as inclusive economic institutions versus extractove economic institutions is more or less what smith describes. He didn't go tothe political level but kind of really understood how incentives were. And that's where our notions of inclusive and extractive political institutions come into play.
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