Exploring the Foundations of National Success and Failure

This chapter explores key concepts from 'Why Nations Fail,' examining various theories about what drives a nation's prosperity or decline. By contrasting examples like North and South Korea, it underscores the crucial role of institutions, demographics, and human capital in determining economic outcomes.

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This week on Econ 102, Noah Smith and Erik Torenberg tackle the shift in economic research from empirical studies to "big think" theories, critically examine Acemoglu's work on institutions and AI's impact on jobs, and debate the future of economics as a science.

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TIMESTAMPS:

(00:00) Intro

(01:14) Shift in economic theories

(07:16) Influence of economic theories on practice