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MIT economists share Nobel Prize

By adamg on Mon, 10/14/2024 - 1:27pm

MIT News reports two MIT economists and a University of Chicago colleague have been awarded this year's Nobel Prize in economics.

Daron Acemoglu and Simon Johnson and James Robinson in Chicago shared the award for showing that "democracies, which hold to the rule of law and provide individual rights, have spurred greater economic activity over the last 500 years."

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Comments

By anon on Mon, 10/14/2024 - 1:32pm.

Political, academic, cultural, corporate demanding restrictions on free speech and banning things in general, demanding conformity?

By Frelmont on Mon, 10/14/2024 - 2:22pm.

This is so life-affirming,

"democracies, which hold to the rule of law and provide individual rights, have spurred greater economic activity over the last 500 years."

But, are we in an “inclusive political government,” or an “extractive political system” ?

—

With respect to holding to the rule of law, I was recently reminded (continued thanks to CSPAN) that our chief executives have knowingly acted in ways in violation of the Constitution, our Constitution.

Am I wrong that GWB set the country and the Executive in a new direction to hew and cry and bemoaning, yet…we are all cool with now?

There are examples prior to GWB, but both he and BHO both in full knowledge of the unconstitutionality of the acts put pen to paper and signed laws into effect with the false expectation that the SCotUS would rule on them.
Add to that at a minimum: executive wars that usurp the Constitutional role of Congress (GWB, WJC), building a physical border wall (DJT) (insurrection and an exhausting list of crimes and assaults on the Constitution and norms characterize the special case of DJT of course) and some cases of student loan forgiveness for JRB.

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By Polybius on Mon, 10/14/2024 - 4:17pm.

That it's actually "The Nobel Memorial Prize in Economic Sciences", was set up in 1968 with a grant by Sveriges Riksbank, and multiple Nobel descendants have criticized the award as an abuse of his name. (Not that it should be taken seriously anyway after being given to freaks like Hayek and Friedman).

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By MisterMagooForYou on Mon, 10/14/2024 - 5:41pm.

Magoo is confident that Magoo’s latest study on the delectable value of Magoo’s witty witticisms to all past, present, and future yoohubbers will garner Magoo the prize of all prizes, yea, the Noble Prize. Magoo.

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By anon on Mon, 10/14/2024 - 8:47pm.

If you laid all the economists in the world end to end, they wouldn't reach a conclusion.