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.
Big Idea Seven: Institutions Matter
Alex Taborrok • Modern Principles of Economics
Erica noticed, in sum, that certain cultures are better adapted for modern development than others. In one class she was assigned a book called The Central Liberal Truth by Lawrence E. Harrison. People in what he calls progress-prone cultures assume that they can shape their own destiny. People in progress-resistant cultures are more fatalistic. Pe
... See moreDavid Brooks • The Social Animal
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