Best of BS Opinion: Power of institutions, Safe landing and more

Here is the best of Business Standard's opinion pieces for today

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

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“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