Nobel economics prize is awarded for research into why countries succeed or fail
Stockholm (AP): The Nobel memorial prize in economics was awarded Monday to Daron Acemoglu, Simon Johnson and James A. Robinson for research into reasons why some countries succeed and others fail.
The Nobel memorial prize in economics was awarded Monday to Daron Acemoglu, Simon Johnson and James A. Robinson for research into differences in prosperity between nations.
The three economists “have demonstrated the importance of societal institutions for a country's prosperity,” the Nobel committee of the Royal Swedish Academy of Sciences said at the announcement in Stockholm.
“Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better. The laureates' research helps us understand why,” it added.
Acemoglu and Johnson work at the Massachusetts Institute of Technology and Robinson conducts his research at the University of Chicago.
“Reducing the vast differences in income between countries is one of our time's greatest challenges. The laureates have demonstrated the importance of societal institutions for achieving this,” Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences, said.
He said their research has provided "a much deeper understanding of the root causes of why countries fail or succeed.”
Reached by the academy in Athens, Greece, where he is due to speak at a conference, Acemoglu said he was surprised and shocked by the award.
“You never expect something like this," he said.
The economics prize is formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. The central bank established it in 1968 as a memorial to Nobel, the 19th-century Swedish businessman and chemist who invented dynamite and established the five Nobel Prizes.
Though Nobel purists stress that the economics prize is technically not a Nobel Prize, it is always presented together with the others on December 10, the anniversary of Nobel's death in 1896.
Nobel honors were announced last week in medicine, physics, chemistry, literature and peace.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Sabarimala Tantri 'trapped' in gold loss case: Cong; CPI(M) alleges he is among 'big thieves'
Thiruvananthapuram/Kannur (PTI): The arrest of Sabarimala Tantri Kadararu Rajeevaru in the gold loss case triggered a fresh war of words in Kerala on Sunday with the opposition Congress alleging that the chief priest was "deliberately trapped" in the case, while the ruling CPI(M) said he figured in a "list of big thieves".
The recent observation by the Kollam Vigilance Court that there was no iota of evidence against Rajeevaru in the case led to fresh political debate in the state, with opposition parties targeting the state government.
Senior Congress leader Ramesh Chennithala alleged that the Tantri (chief priest) was "deliberately trapped" in the gold loss case and suspected political intervention behind his arrest without any evidence.
Addressing a press conference here, he claimed that the Special Investigation Team (SIT), probing the case, was controlled by the Chief Minister's Office and Rajeevaru was arrested to prevent the investigation reaching some "big shots".
Chennithala alleged that the SIT failed to comply with the directions issued by the Kerala High Court and did not conduct a proper probe into the alleged conspiracy behind the case.
Though the tantri is a person who is revered as the father of Lord Ayyappa, he was arrested and jailed for 41 days without any evidence, he said.
The Kollam Vigilance court, which had granted bail to the tantri, clearly stated that there was no iota of evidence against him. "So, we should assume that the Sabarimala tantri was deliberately trapped in the case. It is clear that there was a political intervention to arrest the tantri," he alleged.
He further alleged that though there was clear evidence to arrest certain "big shots", no action has been taken so far in this regard.
The tantri was arrested and jailed to divert the course of the investigation and to ensure that it does not reach Devaswom Minister V N Vasavan and former minister Kadakampally Surendran, he said.
He also accused former Travancore Devaswom Board (TDB) president P S Prasanth of "committing serious lapses" in connection with the gold loss issue. But, he was questioned secretly and let go, he said.
The decision to sabotage the SIT probe was taken at a higher level after the ruling LDF had suffered a massive drubbing in the recent LSGD polls, he alleged.
People of the state would give a befitting reply to what he termed as "political misuse" of the case.
CPI(M) state secretary M V Govindan rejected the Congress allegations and asserted that no one involved in the matter would be protected.
Speaking to reporters in Kannur, he said the SIT probe is yet to be completed and claimed that Congress leaders also have a role in the alleged gold theft.
He alleged that certain political parties were attempting to use the issue to target the CPI(M) and the state government, adding that "news becomes news only when it is against the CPI(M) and the government, but not when it is against the BJP or the Congress."
Responding to the allegations that the arrest of Rajeevaru was linked to his opposition to women's entry at the hill shrine, Govindan said the tantri figures in the "list of big thieves" and asserted that no one involved in the matter would be protected.
The law would take its own course, he said, adding that not "a speck of gold" from Sabarimala should go missing.
Asked about the court observations granting bail to Tantri, state Law Minister P Rajeev said there were some unusual aspects involved in it.
"If a High Court division bench has observed that the investigation is proceeding in the right direction, it is not usual for a lower court, while considering a bail plea, to make observations that appear like a final verdict in the case," he told media in Kochi.
He said such powers can be exercised by the Supreme Court.
"While reading the order, those with a basic understanding of law may feel that the Vigilance Court has adopted an approach akin to that of the Supreme Court,” the minister further said.
Rajeev further said that unlike in other cases, the state government was not exercising any supervisory role in the matter and that decisions such as whether to file an appeal against the bail order did not come before the government.
“The High Court division bench is monitoring all aspects related to the case," he said adding that reports on the progress of the investigation and that regarding each arrest in the case had been submitted before it by the SIT.
The vigilance court in Kollam on Wednesday granted bail to Rajeevaru in the cases related to alleged misappropriation of gold from the Lord Ayyappa shrine.
Rajeevaru is the 16th accused in the case related to the loss of gold from the Dwarapalaka (guardian deity) idols and 13th accused in the case pertaining to the loss of the precious metal from the door frames of the Sreekovil (sanctum sanctorum).
