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.
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BJP dreaming to win polls with money power: West Bengal BJP MLA after bypoll loss
Kolkata, Nov 23: As the ruling Trinamool Congress swept the by-elections in six assembly seats in West Bengal, Kurseong's party MLA Bishnu Prasad Sharma attacked the state leadership, saying the party dreams of winning polls with money power and that it sidelines legislators and gives "unnecessary importance and responsibilities" to MPs.
The TMC retained five of the six seats it had previously won during the 2021 polls, while wresting the key Madarihat seat from the saffron camp in north Bengal’s Alipurduar district.
In a Facebook post, Sharma alleged, "The BJP runs a membership drive in West Bengal over the phone from a Kolkata office, while party leaders turn a blind eye to factionalism within the party. The party sidelines MLAs and gives unnecessary importance and responsibilities to MPs. It dreams of winning elections relying on money power. Despite having no shortage of political issues in the state, it centers its politics solely around religion."
"The BJP accuses opponents of corruption while carrying Adani and Ambani on its shoulders. It tries to undermine the rights of the indigenous population by luring Bangladeshi Hindus with promises of CAA. It halts MGNREGA funds and indulges in such tactics, hoping to win elections in the state," he alleged.
On the other hand, the BJP MLA lauded TMC saying, that the ruling party in the state, armed with 26 different "pro-poor schemes" such as Kanyashree Prakalpa, Gitanjali Housing Scheme, Krishak Bandhu Scheme, Nijo Griha Nijo Bhumi, Rupashree Prakalpa, Shishu Sathi Scheme, and Student Credit Card, quietly works at the grassroots level.
"Now, you decide who will win the elections. I have never seen a culture of self-criticism within the BJP; otherwise, this outcome wouldn't have occurred," he added.
Since the 2021 assembly elections, the TMC has won every by-election, except the Sagardighi bypoll in March 2023, which was won by a Congress candidate who later switched to the TMC.
With this victory, TMC's tally in the 294-member state assembly rose to 216, further consolidating its position. The BJP's tally, on the other hand, dropped to 69, from 77 in 2021.
