Daron Acemoglu on Why Nations Fail
EconTalk
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Why Aren't They Better Policies?
Yam: It's not so much that they don't know what the best policies are. They've got certain public choice andan institutional barriers, which don't to the outsideor especially to the international economist who says al this is easy to fix. The second part of the theory is about why are these institutional differences there in the first place? And there it's where we argue it's really conflict of interests, that of people who control power as politicians or as leaders,. Yam: To argue that it's more structural factors, we need to look at other historical episodes.
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