Bloomberg Talks Nobel Prize-Winning Economist Daron Acemoglu Talks Theory of Trump
Jan 16, 2026
Daron Acemoglu, a Nobel laureate and economist from MIT, dives deep into his 'Unified Theory of Trump' with hosts Carol Massar and Tim Steneovec. He argues that Trump’s strategies focus on centralizing executive power while undermining institutional norms. Acemoglu discusses how past norms constrained leaders and examines the weakening of the judiciary under Trump. He warns that this erosion could have dire economic consequences, resulting in reduced transparency and fostering future arbitrary power, potentially leading to kleptocracy.
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Systematic Centralization Of Power
- Daron Acemoglu argues Trump's actions form a coherent strategy to centralize power by weakening checks and norms.
- He warns this systematic norm-breaking transfers more authority to the executive and loyalists.
Norms, Not Just Laws, Held Power Back
- Norms, not always laws, historically constrained presidents and prevented abuses of power.
- Acemoglu says Trump has systematically broken those norms, reducing institutional pushback from the party and civil society.
Eroding Institutional Constraints
- Independent agencies, Congress, and the judiciary acted as constraints but are being weakened by appointments and partisan control.
- He notes the judiciary has limits because of many Trump appointees and a muted Supreme Court.