15.10.2024 The Marburg Centre for Institutional Economics (MACIE) congratulates Daron Acemoglu, Simon Johnson and John Robinson on being awarded the Alfred Nobel Memorial Prize in Economic Sciences

Acemoglu, Johnson and Robinson have had a major impact on modern institutional economics with their work. In their research, they have made a significant contribution to understanding the role of institutions in economic development. Using the example of the colonial era, they have shown what long-term effects the establishment of functioning institutions can have on a country's economic development. They emphasize the importance of the inclusiveness of institutions, i.e. a system of rules that offers everyone opportunities to participate. This idea can be found, for example, in the bestsellers "Why Nations Fail?" and "Power and Progress".

However, systems of rules tend to privilege elites. It requires a constant effort to counteract this tendency (see, for example, "Economic Origins of Dicatorship and Democracy"). A healthy balance between the power of the state and the power of society is necessary ("The Narrow Corridor to Liberty") so that new opportunities can be created and expanded together, instead of blocking existing opportunities for certain groups.

The books mentioned here are all available in the Economics Department Library. Enjoy reading!