Economics Quote by Daron Acemoğlu

“Economics has gained the title Queen of the Social Sciences by choosing solved political problems as its domain.” quote by Daron Acemoğlu — Download Open image

““Economics has gained the title Queen of the Social Sciences by choosing solved political problems as its domain.””

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“AUSTRALIA, LIKE THE UNITED STATES, experienced a different path to inclusive institutions than the one taken by England. The same revolutions that shook England during the Civil War and then the Glorious Revolution were not needed in the United States or Australia because of the very different circumstances in which those countries were founded—though this of course does not mean…

Daron Acemoğlu

“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

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“Lack of creative destruction and innovation is not the only reason why there are severe limits to growth under extractive institutions. The history of the Maya city-states illustrates a more ominous and, alas, more common end, again implied by the internal logic of extractive institutions. As these institutions create significant gains for the elite, there will be strong incentives for…

Daron Acemoğlu

“As with France, an important consequence of the British Industrial Revolution for China and Japan was military vulnerability. China was humbled by British sea power during the First Opium War, between 1839 and 1842, and the same threat became all too real for the Japanese as U.S. warships, led by Commodore Matthew Perry, pulled into Edo Bay in 1853. The…

Daron Acemoğlu

“Though the extractive institutions that the Mayas created produced sufficient wealth for the cities to flourish and the elite to become wealthy and generate great art and monumental buildings, the system was not stable. The extractive institutions upon which this narrow elite ruled created extensive inequality, and thus the potential for infighting between those who could benefit from the wealth…

Daron Acemoğlu

“THERE ARE HUGE DIFFERENCES in living standards around the world. Even the poorest citizens of the United States have incomes and access to health care, education, public services, and economic and social opportunities that are far superior to those available to the vast mass of people living in sub-Saharan Africa, South Asia, and Central America. The contrast of South and…

Daron Acemoğlu

“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

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“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

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“NATIONS FAIL TODAY because their extractive economic institutions do not create the incentives needed for people to save, invest, and innovate. Extractive political institutions support these economic institutions by cementing the power of those who benefit from the extraction. Extractive economic and political institutions, though their details vary under different circumstances, are always at the root of this failure. In…

Daron Acemoğlu

“The geography hypothesis claims that the great divide between rich and poor countries is created by geographical differences. Many poor countries, such as those of Africa, Central America, and South Asia are between the tropic of Cancer and Capricorn. Rich nations in cntrast tend to be in temperate latitudes. This geographic concentration of poverty and prosperity gives superficial appeal to…

Daron Acemoğlu

“Politics is the process by which a society chooses the rules that will govern it.”

Daron Acemoğlu

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“The pattern of vicious circle depicted by the transition between Haile Selassie and Mengistu, or between the British colonial governors of Sierra Leone and Siaka Stevens, is so extreme and at some level so strange that it deserves a special name. As we already mentioned in chapter 4, the German sociologist Robert Michels called it the iron law of oligarchy.…

Daron Acemoğlu

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The politician attempts to remedy the evil by increasing the very thing that caused the evil in the first place: legal plunder.

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“Economists have a singular method of procedure. There are only two kinds of institutions for them, artificial and natural. The institutions of feudalism are artificial institutions, those of the bourgeoisie are natural institutions. In this, they resemble the theologians, who likewise establish two kinds of religion. Every religion which is not theirs is an invention of men, while their own…

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