Planet Money A Nobel prize for explaining why there's global inequality
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Dec 14, 2024 Discover the revolutionary theories from Nobel Prize-winning economists that uncover why some nations thrive while others struggle. They stress the critical role of institutions and challenge long-held economic beliefs. Hear humorous anecdotes about their friendship forged through rigorous discussion and research. The podcast also dives into the historical impacts of colonialism on economic disparity, comparing the growth trajectories of India and China. Finally, it highlights how improving institutions can foster fairer societies and alter national fortunes.
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Overlooked Factor
- In the past, economists attributed global inequality to factors like technology, education, and resources.
- These economists highlighted a missing piece: how societies organize themselves, or institutions.
An Irritating First Meeting
- James Robinson found Daron Acemoglu irritating during their first encounter at a seminar, as Acemoglu challenged every slide.
- However, their shared interest in a paper about institutions sparked a connection.
Fringe Idea
- The idea of institutions influencing wealth and poverty was fringe in economics due to its non-mainstream approach.
- Mainstream economics, focused on quantifiable questions, ignored broader societal influences.
