Daron Acemoglu
Turkish-American · 1967–
Turkish-American economist, Nobel laureate, known for his research on the role of institutions in economic development and the political economy of technology and inequality.
Wikipedia ↗“Nations fail 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.”
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“Inclusive economic institutions are forged on foundations laid by inclusive political institutions, which broadly distribute power in society and constrain its arbitrary exercise. Such political institutions also make it harder for others to usurp power and undermine the foundations of inclusive institutions.”
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“Growth under extractive institutions differs in nature from growth under inclusive institutions. Most importantly, it is not sustained. By their very nature, extractive institutions do not foster creative destruction and generate at best only a limited amount of technological progress.”
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“There is no necessity for a society to develop or adopt the institutions that are best for economic growth or the welfare of its citizens, because other institutions may be even better for those who control politics and political institutions.”
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“The central problem of politics in many developing countries is that those in power have strong incentives to maintain extractive institutions — not because they are unaware of the costs to society but because they reap personal benefits.”
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“Technology is not destiny. The choices that societies and their leaders make about technology determine whether it leads to shared prosperity or deepens inequality and erodes democracy.”
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“The history of technology is not one of relentless progress benefiting everyone. It is a history of choices, contested visions, and struggles over who gains and who loses.”
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