Why Do Countries Prosper?
According to the winners of this year’s Nobel Prize in economics, the key determinant of future growth is whether a country has “inclusive institutions” that allow gains to be shared broadly, as opposed to “extractive institutions” that siphon wealth to a narrow elite. But what makes for effective, lasting institutions?
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CAMBRIDGE – Each fall, a telephone call from Stockholm launches one or a few scholars to international fame with the bestowal of the Nobel Memorial Prize in Economic Sciences – a process that Irving Wallace dramatized in his 1962 potboiler The Prize.