Institutions and Development: Good for a Few or Empowering the Many?

Details

Mainau Island

Palace Meadow

Guido W. Imbens
Stanford University, United States of America

Simon H. Johnson
MIT Sloan School of Management, United States of America

Hugo Reichardt
Centre de Recerca en Economia Internacional, Spain

Paul M. Romer
Boston College, United States of America

Moderator: Torsten Persson
Stockholm University, Sweden

Abstract

The topic is inspired by the 2024 Sveriges Riksbank Prize in Economic Sciences, awarded to Daron Acemoğlu, Simon Johnson, and James Robinson. Their prize-winning contributions explore how (in their terminology) "inclusive" and "extractive" institutions influence economic prosperity. They shed new light on the difficult but momentous question of how history and institutions shape economic growth and long-run living standards.