Under-appreciated fact: today’s Nobel is, in large part, given for formally introducing class struggle into mainstream theory and empirics of economic growth and political development.
Their models of democratization and much of their historical analysis is effectively an argument that in some places, historical circumstances drove bargaining power into the hands of merchants and other non elites, and this sometimes created virtuous cycles of democratization and development.
Under-appreciated fact: today’s Nobel is, in large part, given for formally introducing class struggle into mainstream theory and empirics of economic growth and political development. Their models of democratization and much of their historical analysis is effectively an argument that in some places, historical circumstances drove bargaining power into the hands of merchants and other non elites, and this sometimes created virtuous cycles of democratization and development.
Marx...was among the very first to recognize that the fever-fits of financial crisis and depression that afflict modern market economies were not a passing phase or something that could be easily cured, but rather a deep disability of the system...
Noah Smith • Should economists read Marx?
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1974
nobelprize.orgnobelprize.org
Congratulations to @DAcemogluMIT, @baselinescene & James Robinson on their @NobelPrize in Economic Sciences. While their work on institutions is important, it's crucial to remember that development is complex.
As @yuenyuenang, @mushtaqkhan100 & Ha-Joon Chang argue, effective institutions must be context-specific, not just replicas of Western... See more
As @yuenyuenang, @mushtaqkhan100 & Ha-Joon Chang argue, effective institutions must be context-specific, not just replicas of Western... See more