 "Best of BS Opinion: Power of institutions, Safe landing and more")
The economics Nobel for this year went to three academics who specialise in asking a very simple question: What makes countries rich? The motivation with which Daron Acemoglu, Simon Johnson and James A Robinson began their investigation was simple: Why were some countries rich in the medieval period but poor today, while others that had been poor had become rich? Was there something causal or mechanistic that underlay this “great reversal”? Their answer was deceptively simple: “Institutions”, notes our lead editorial. Read here
New capability of SpaceX will significantly improve space exploration, argues our second editorial. Read here
In other views
India’s 2047 ambition may seem out of reach, but two and a half decades provide ample time to prepare— if it gets its focus right, writes economist Laveesh Bhandari. Read here
US trade policy highlights India needs to follow its own strategic priorities without yielding to external pressure, writes Ajay Srivastava. Read here
Also Read
Quote
“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 Royal Swedish Academy of Sciences