Failure Quote by Daron Acemoğlu

“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

“We call such institutions, which have opposite properties to those we call inclusive, extractive economic institutions—extractive because such institutions are designed to extract incomes…

— Daron Acemoğlu

“The most important lesson is that extractive institutions cannot generate sustained technological change for two reasons: the lack of economic incentives and resistance by…

— Daron Acemoğlu

“Finally, when growth comes under extractive political institutions but where economic institutions have inclusive aspects, as they did in South Korea, there is always…

— Daron Acemoğlu

“We will refer to political institutions that are sufficiently centralized and pluralistic as inclusive political institutions. When either of these conditions fails, we will…

— Daron Acemoğlu

“Economic institutions that create incentives for economic progress may simultaneously redistribute income and power in such a way that a predatory dictator and others…

— Daron Acemoğlu

“Extractive institutions are so common in history because they have a powerful logic: they can generate some limited prosperity while at the same time…

— Daron Acemoğlu

“Because elites dominating extractive institutions fear creative destruction, they will resist it, and any growth that germinates under extractive institutions will be ultimately short…

— Daron Acemoğlu

“Economic institutions shape economic incentives: the incentives to become educated, to save and invest, to innovate and adopt new technologies, and so on. It…

— Daron Acemoğlu

“Inclusive economic and political institutions do not emerge by themselves. They are often the outcome of significant conflict between elites resisting economic growth and…

— Daron Acemoğlu

We in the West have arranged our institutions to prevent the concentration of political power. … But we have failed utterly to prevent the…

— Matthew Crawford

“The synergies between extractive economic and political institutions create a vicious circle, where extractive institutions, once in place, tend to persist. Similarly, there is…

— Daron Acemoğlu