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 models.
Truly inclusive and sustainable institutions should be embedded in local realities, learning from the full array of conditions necessary for development.
Mariana Mazzucatox.comCongratulations 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 models. Truly inclusive and sustainable institutions should be embedded in local realities, learning from the full array of conditions necessary for development.
Congrats to AJR! They are brilliant.
But I don't agree with their idealized portrayal of institutions in Western development
It is historically inaccurate, if not ideologized
Thus, not only do they struggle to explain China, they also can't explain why Western economies like the US prospered despite being as corrupt as China is today
But I don't agree with their idealized portrayal of institutions in Western development
It is historically inaccurate, if not ideologized
Thus, not only do they struggle to explain China, they also can't explain why Western economies like the US prospered despite being as corrupt as China is today
Yuen Yuen Ang • Tweet
Instead of presuming that optimal institutional solutions can be designed easily and imposed at low cost by external authorities, I argue that "getting the institutions right" is a difficult, time-consuming, conflict-invoking process.
Elinor Ostrom • Governing the Commons: The Evolution of Institutions for Collective Action (Political Economy of Institutions and Decisions)
First Vernon said:
Each agroeconomic region is so unique that the concept of transfer of technology is irrelevant. What’s relevant is the transfer of the capacity to develop technology and institutions that are consistent with the cultural endowment and the resource endowment of each region. Until that’s done, a sustained solution to the problems of... See more
Each agroeconomic region is so unique that the concept of transfer of technology is irrelevant. What’s relevant is the transfer of the capacity to develop technology and institutions that are consistent with the cultural endowment and the resource endowment of each region. Until that’s done, a sustained solution to the problems of... See more
Donella Meadows • Donella Meadows Revisited - Future Observatory Journal
Why Nations Fail is a bit longer than The Communist Manifesto , but it is essentially The Bourgeois Manifesto . Merchants having become wealthy from the Atlantic trade win property rights in England, already primed for this breakthrough. Resultant regime called inclusive , though the merchants were primarily slavers.
They will underline however tha... See more
They will underline however tha... See more
Rakesh Bhandari • Tweet
the unsung heroes of global development: institutions and technology.