James A. Robinson, a University of Chicago professor and 2024 Nobel laureate in Economic Sciences, explores what drives national success or failure. He discusses the significant role of political and economic institutions using examples like Nogales, Arizona, and Nogales, Mexico. Robinson dives into the balance between liberty and governance while examining the dynamics of states in transition. He also shares insights on tailoring economic advice to diverse local contexts and reflects on the process of envisioning ideal societies based on historical lessons.

In this thought-provoking discussion, Jeffrey Sachs, a Columbia University professor and sustainable development expert, teams up with James Robinson, a University of Chicago professor known for his insights on institutional economics. They dive into the rising interest in socialism among millennials and dissect its implications in the U.S. They explore global perspectives on economic systems, contrasting successful models like Norway with the struggles in Venezuela, while emphasizing the importance of strong institutions in managing resources and addressing inequality.

In this discussion, Jeffrey Sachs, a Columbia University professor and U.N. advisor, teams up with James Robinson, an economist from the University of Chicago and co-author of influential books on nations and development. They unpack the evolving perceptions of socialism in America, particularly among millennials. The conversation includes a deep dive into Venezuela's crises versus Norway's successful model, emphasizing the role of institutions in economic outcomes. They challenge misconceptions and explore the political ramifications of these ideologies on equity and welfare.