“NATIONS FAIL TODAY because their extractive economic institutions do not create the incentives needed for people to save, invest, and innovate. Extractive… — Daron Acemoğlu Copy Share Image
“Naturally, the type of dual economy articulated in Verwoerd’s speech is rather different from Lewis’s dual economy theory. In South Africa the… — Daron Acemoğlu Copy Share Image
“Inclusive economic institutions, such as those in South Korea or in the United States, are those that allow and encourage participation by… — 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 institutions, such as those in South Korea or in the United States, are those that allow and encourage participation by… — Daron Acemoğlu Copy Share Image
“The South African state created a dual economy, preventing 80 percent of the population from taking part in skilled occupations, commercial farming,… — Daron Acemoğlu Copy Share Image
“Economics has gained the title Queen of the Social Sciences by choosing solved political problems as its domain.” — Daron Acemoğlu Copy Share Image
“At the dawn of the nineteenth century, many parts of the world, especially in Africa, lacked a state that could provide even… — Daron Acemoğlu Copy Share Image
“The synergies between extractive economic and political institutions create a vicious circle, where extractive institutions, once in place, tend to persist. Similarly,… — Daron Acemoğlu Copy Share Image
“Economic institutions shape economic incentives: the incentives to become educated, to save and invest, to innovate and adopt new technologies, and so… — Daron Acemoğlu Copy Share Image
“Extractive institutions are so common in history because they have a powerful logic: they can generate some limited prosperity while at the… — Daron Acemoğlu Copy Share Image
“Economic institutions that create incentives for economic progress may simultaneously redistribute income and power in such a way that a predatory dictator… — Daron Acemoğlu Copy Share Image
“science of economics should focus on the best use of scarce means to satisfy social ends.” — 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
“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
