October 15, 2024
The Nobel laureates in the economic sciences have demonstrated the importance of societal institutions for a country’s prosperity. Societies with a poor rule of law and exploitative institutions do not generate growth or change for the better. Where does India fit into this understanding?
The Royal Swedish Academy of Sciences on Monday awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2024 to three US-based economists — Daron Acemoglu, Simon Johnson, and James A Robinson — “for studies of how institutions are formed and affect prosperity”. The Nobel citation states the three economists “have helped us understand differences in prosperity between nations”.
The big question…
Why are some nations rich and others poor? Why do some nations fail while others succeed in achieving prosperity? These are questions that have puzzled economists for decades.
…And the answer
This year’s laureates in the economic sciences have demonstrated the importance of societal institutions for a country’s prosperity. By institutions, the laureates refer to the broad set of rules that govern the behaviour of individuals in a society or a country. “Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better,” states the citation.
The three laureates have distinguished between inclusive and extractive institutions.
An inclusive institutional framework refers to the existence of democracy, law and order, protection of property rights, etc.
By contrast, an extractive institutional framework typically refers to a lack of rule of law, of power being concentrated in the hands of a few (autocracy or dictatorship), and the associated risks of expropriation.
Available evidence:
More precisely, they found that “in some colonies, the purpose was to exploit the indigenous population and extract natural resources to benefit the colonisers”, while in other cases, “the colonisers built inclusive political and economic systems for the long-term benefit of European settlers”.
This effect can be understood in relation to what happened in India under British rule. As the Academy notes, as late as the mid-18th century, industrial production in what is now India was higher than in the US. “This has changed fundamentally since the start of the nineteenth century, which speaks to the reversal primarily being a result of differences in institutions. The technical innovations sweeping across the world were only able (to) take hold in places where institutions had been established that would benefit the wider population,” it says.
Rationale for choices
Why did the colonisers choose to have one set of rules (institutions) in one colony and another set in another colony? The researchers found that the choice of institutions by the colonisers — regardless of who they were — was linked to their mortality.
अर्थशास्त्र में नोबेल पुरस्कार: 2024/ राष्ट्र असफल या सफल क्यों होते हैं?
रॉयल स्वीडिश एकेडमी ऑफ साइंसेज ने इस साल के लिए अर्थशास्त्र के क्षेत्र में दिए जाने वाले नोबेल पुरस्कार की औपचारिक घोषणा कर दी है। इस साल अल्फ्रेड नोबेल की स्मृति में दिया जाने वाले स्वेरिग्स रिक्सबैंक पुरस्कार से तीन अर्थशास्त्रियों डेरॉन ऐसमोग्लू, साइमन जॉनसन और जेम्स ए रॉबिन्सन को सम्मानित किया गया है।
क्यों कुछ देश गरीब तो कुछ समृद्ध होते हैं?
इस बारे में जानकारी साझा करते हुए नोबेल पुरस्कार समिति ने सोशल मीडिया प्लेटफॉर्म एक्स (पूर्व में ट्विटर) पर जानकारी दी है कि संस्थाओं के गठन और बदलाव की परिस्थितियों को समझाने वाला उनका मॉडल तीन कारकों पर आधारित है।
पहले में इस बात को उजागर किया है कि संसाधनों का बंटवारा कैसे किया जाए और समाज में निर्णय लेने की शक्ति किसके पास है।
दूसरा यह है कि जनता को कभी-कभी सत्ता का प्रयोग करने का अवसर मिलता है। वो संगठित होकर सत्तारूढ़ शासक वर्ग को धमका कर ऐसा कर सकते हैं। इसका मतलब है कि सत्ता और शक्ति निर्णय लेने की ताकत से कहीं अधिक है।
तीसरा है प्रतिबद्धता की समस्या, जिसका मतलब है कि अभिजात वर्ग के लिए निर्णय लेने की शक्ति जनता को सौंपने के अलावा कोई विकल्प नहीं है।
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