{"id":114131,"date":"2024-10-14T19:04:47","date_gmt":"2024-10-14T12:04:47","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=114131"},"modified":"2024-10-14T19:04:47","modified_gmt":"2024-10-14T12:04:47","slug":"trio-of-professors-win-nobel-economics-prize-for-work-on-post-colonial-wealth-nobel-economics-prize","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=114131","title":{"rendered":"Trio of professors win Nobel economics prize for work on post-colonial wealth | Nobel economics prize"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p class=\"dcr-1eu361v\">Three US-based professors, including two UK-born academics, have been awarded this year\u2019s Nobel prize in economics, for showing how the political and economic systems introduced by colonisers can determine whether a country is rich or poor today.<\/p>\n<p class=\"dcr-1eu361v\">The explanation put forward by Turkish-American Daron Acemo\u011flu, Sheffield-born Simon Johnson and Briton James A Robinson, suggests that inclusive institutions set up for the long-term benefit of European migrants ended up resulting in more prosperous societies in the long term.<\/p>\n<p class=\"dcr-1eu361v\">However, they found that in countries where the aim was to exploit the Indigenous population and extract resources for the colonisers\u2019 benefit, the impact has been detrimental, and resulted in far poorer societies, leaving some countries trapped in low economic growth cycles.<\/p>\n<p class=\"dcr-1eu361v\">\u201cThe laureates demonstrated that this led to a reversal of fortune. The places that were, relatively speaking, the richest at their time of colonisation are now among the poorest,\u201d the <a href=\"https:\/\/www.nobelprize.org\/prizes\/economic-sciences\/2024\/press-release\/\" data-link-name=\"in body link\">Nobel prize announcement said<\/a>.<\/p>\n<p class=\"dcr-1eu361v\">\u201cThis is an important reason for why former colonies that were once rich are now poor, and vice versa,\u201d it added.<\/p>\n<p class=\"dcr-1eu361v\">However, the academics said the effect can be reversed if a country can \u201cbreak free of its inherited institutions to establish democracy and the rule of law. In the long run, these changes also lead to reduced poverty.\u201d<\/p>\n<p class=\"dcr-1eu361v\">The trio of academics will share the award, which comes with an 11m kroner (\u00a3810,000) cash prize and a gold medal. Established in the 1960s, several decades after the original Nobel prizes, it is technically known as the <a href=\"https:\/\/www.nobelprize.org\/prizes\/economic-sciences\/\" data-link-name=\"in body link\">Sveriges Riksbank <\/a>prize in economic sciences in memory of Alfred Nobel.<\/p>\n<p class=\"dcr-1eu361v\">\u201cReducing the vast differences in income between countries is one of our time\u2019s greatest challenges,\u201d Jakob Svensson, chair of the committee for the prize in economic sciences, said. \u201cThe laureates have demonstrated the importance of societal institutions for achieving this.\u201d<\/p>\n<p class=\"dcr-1eu361v\">Acemo\u011flu, 57, and Johnson, 61, are both professors at the Massachusetts Institute of Technology, in Cambridge, in the US. Together, they co-authored a book last year, called Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity.<\/p>\n<figure data-spacefinder-role=\"inline\" data-spacefinder-type=\"model.dotcomrendering.pageElements.NewsletterSignupBlockElement\" class=\" dcr-173mewl\"><a data-ignore=\"global-link-styling\" href=\"#EmailSignup-skip-link-9\" class=\"dcr-jzxpee\">skip past newsletter promotion<\/a><\/p>\n<aside aria-label=\"newsletter promotion\" class=\"dcr-av5vqf\">\n<div class=\"dcr-10et71f\">\n<p class=\"dcr-rsfwa\">Sign up to <span>Business Today<\/span><\/p>\n<\/div>\n<p class=\"dcr-1xjndtj\">Get set for the working day \u2013 we&#8217;ll point you to all the business news and analysis you need every morning<\/p>\n<p><gu-island name=\"SecureSignup\" priority=\"feature\" deferuntil=\"visible\" props=\"{&quot;newsletterId&quot;:&quot;business-today&quot;,&quot;successDescription&quot;:&quot;Get set for the working day \u2013 we'll point you to all the business news and analysis you need every morning&quot;}\"\/><span class=\"dcr-1eusqlu\"><strong>Privacy Notice: <\/strong>Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our <a data-ignore=\"global-link-styling\" href=\"https:\/\/www.theguardian.com\/help\/privacy-policy\" rel=\"noreferrer\" class=\"dcr-1rjy2q9\">Privacy Policy<\/a>. We use Google reCaptcha to protect our website and the Google <a data-ignore=\"global-link-styling\" href=\"https:\/\/policies.google.com\/privacy\" rel=\"noreferrer\" class=\"dcr-1rjy2q9\">Privacy Policy<\/a> and <a data-ignore=\"global-link-styling\" href=\"https:\/\/policies.google.com\/terms\" rel=\"noreferrer\" class=\"dcr-1rjy2q9\">Terms of Service<\/a> apply.<\/span><\/aside>\n<p id=\"EmailSignup-skip-link-9\" tabindex=\"0\" aria-label=\"after newsletter promotion\" role=\"note\" class=\"dcr-jzxpee\">after newsletter promotion<\/p>\n<\/figure>\n<p class=\"dcr-1eu361v\">Johnson is also known for a brief stint at the International Monetary Fund from March 2007 to August 2008.<\/p>\n<p class=\"dcr-1eu361v\">Robinson, 64, a professor at the University of Chicago, wrote a book with Acemo\u011flu \u2013 Why Nations Fail: The Origins of Power, Prosperity and Poverty \u2013 which was first published in 2012.<\/p>\n<\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.theguardian.com\/world\/2024\/oct\/14\/three-us-based-professors-win-nobel-prize-in-economics-daron-acemoglu-simon-johnson-james-robinson-\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Three US-based professors, including two UK-born academics, have been awarded this year\u2019s Nobel prize in economics, for showing how the political and economic systems introduced by colonisers can determine whether &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=114131\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8629],"tags":[],"class_list":["post-114131","post","type-post","status-publish","format-standard","hentry","category-u-s","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/114131","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=114131"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/114131\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=114131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=114131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=114131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}