“Economic growth and technological change are accompanied by what the great economist Joseph Schumpeter called creative destruction.” — Daron Acemoğlu Copy Share Image
“The leaders of the French Revolution and, subsequently, Napoleon exported the revolution to these lands, destroying absolutism, ending feudal land relations, abolishing… — Daron Acemoğlu Copy Share Image
“Inclusive economic and political institutions do not emerge by themselves. They are often the outcome of significant conflict between elites resisting economic… — Daron Acemoğlu Copy Share Image
“The ability of economic institutions to harness the potential of inclusive markets, encourage technological innovation, invest in people, and mobilize the talents… — Daron Acemoğlu Copy Share Image
“Inclusive economic institutions also pave the way for two other engines of prosperity: technology and education. Sustained economic growth is almost always… — Daron Acemoğlu Copy Share Image
“Inclusive economic and political institutions do not emerge by themselves. They are often the outcome of significant conflict between elites resisting economic… — Daron Acemoğlu Copy Share Image
“As with France, an important consequence of the British Industrial Revolution for China and Japan was military vulnerability. China was humbled by… — Daron Acemoğlu Copy Share Image
“Congo, vividly illustrates how political institutions determine economic institutions and, through these, the economic incentives and the scope for economic growth.” — Daron Acemoğlu Copy Share Image
“The process of economic growth and the inclusive institutions upon which it is based create losers as well as winners in the… — Daron Acemoğlu Copy Share Image
“There could be some economic growth without innovation, relying on existing technology, but it was growth without creative destruction. And it did… — Daron Acemoğlu Copy Share Image
“Economic growth and technological change are accompanied by what the great economist Joseph Schumpeter called creative destruction. They replace the old with… — Daron Acemoğlu Copy Share Image
“AUSTRALIA, LIKE THE UNITED STATES, experienced a different path to inclusive institutions than the one taken by England. The same revolutions that shook England… — Daron Acemoğlu Copy Share Image
“As such, the usual pattern of interaction between a critical juncture and existing institutional differences leading to further institutional and economic divergence played out… — Daron Acemoğlu Copy Share Image
“Lack of creative destruction and innovation is not the only reason why there are severe limits to growth under extractive institutions. The history of… — Daron Acemoğlu Copy Share Image
“As with France, an important consequence of the British Industrial Revolution for China and Japan was military vulnerability. China was humbled by British sea… — Daron Acemoğlu Copy Share Image
“Though the extractive institutions that the Mayas created produced sufficient wealth for the cities to flourish and the elite to become wealthy and generate… — Daron Acemoğlu Copy Share Image
“THERE ARE HUGE DIFFERENCES in living standards around the world. Even the poorest citizens of the United States have incomes and access to health… — Daron Acemoğlu Copy Share Image
“The Maya’s economy was based on extensive occupational specialization, with skilled potters, weavers, woodworkers, and tool and ornament makers. They also traded obsidian, jaguar… — Daron Acemoğlu Copy Share Image
“In the same way, current Chinese growth has nothing to do with Chinese values or changes in Chinese culture; it results from a process… — Daron Acemoğlu Copy Share Image
“NATIONS FAIL TODAY because their extractive economic institutions do not create the incentives needed for people to save, invest, and innovate. Extractive political institutions… — Daron Acemoğlu Copy Share Image
“The geography hypothesis claims that the great divide between rich and poor countries is created by geographical differences. Many poor countries, such as those… — Daron Acemoğlu Copy Share Image
“Politics is the process by which a society chooses the rules that will govern it.” — Daron Acemoğlu Copy Share Image
“The pattern of vicious circle depicted by the transition between Haile Selassie and Mengistu, or between the British colonial governors of Sierra Leone and… — Daron Acemoğlu Copy Share Image
