Matt and Jadrian are joined by Brian O'Roark to share their initial thoughts on the 2024 Nobel Prize in Economics announcement. This year’s award goes to Daron Acemoglu, Simon Johnson, and James A. Robinson for their work on how institutions are formed and how they impact economic prosperity. The trio discusses the significance of the award and explores the broader implications of their work on institutions and development.
In this episode, we discuss:
The three Nobel Prize winners
Why institutions and property rights matter for well-being
The difficulty in predicting who will win each year
And a whole lot more!
Catch up on some old episodes:
You can also listen to us on Google Podcasts, TuneIn Radio, and Apple Podcasts. If one of these is your go-to podcast service, be sure to rate us and subscribe!
Watch this episode on YouTube:
Some show notes:
On October 14, 2024, the Nobel Prize Committee announced their awards for the year. When announcing the winners were Daron Acemoglu, Simon Johnson, and James A. Robinson, they wrote:
This year’s laureates in the economic sciences – Daron Acemoglu, Simon Johnson and James Robinson – have demonstrated the importance of societal institutions for a country’s prosperity. Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better. The laureates’ research helps us understand why.
They also wrote:
“Reducing the vast differences in income between countries is one of our time’s greatest challenges. The laureates have demonstrated the importance of societal institutions for achieving this,” says Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences.
Matt, Brian, and Jadrian give their reactions to the prize - and more - during this conversation.
This week’s pop culture references:
During the episode, Matt mentioned a photo that isn’t really pop-culture, but provides a fantastic representation of why institutions matter - North Korea vs. South Korea at night.
We also discussed Nobel Prize winners in the movies, and Richard Thaler in The Big Short came to mind - with his scene co-starring Selina Gomez.
Share this post