Daron Acemoglu, Simon Johnson, and James A Robinson were awarded the Nobel Prize in economics for their groundbreaking research on the role of societal institutions in a country's prosperity. This award highlights the importance of having effective rule of law and institutions that prioritize the well-being of the population. The announcement of the prize coincided with the announcement of the other five Nobel Prizes, despite some controversy surrounding its inclusion as a "Nobel" category. In a separate incident, a university student in India spoke out about her alleged assault by a cab driver, further emphasizing the importance of safe and just societal institutions.
Background:
The Nobel Prize in Economics, officially known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is an annual award honoring significant contributions to the field of economics. It was established in 1968 by the Royal Swedish Academy of Sciences and is awarded alongside the other Nobel Prizes.
2020 Nobel Prize in Economics:
In 2020, three economists were awarded the Nobel Prize in Economics for their work on the role of societal institutions in a country's prosperity:
Their research focused on the relationship between political and economic institutions, and how they shape economic outcomes. They showed that strong, inclusive institutions that protect property rights, enforce contracts, and promote political participation lead to higher levels of economic development and well-being.
Friedrich Hayek: "The Road to Serfdom"
Friedrich Hayek, an influential Austrian economist, wrote "The Road to Serfdom" in 1944. The book argued that government intervention in the economy leads to a loss of individual freedom and a slide towards totalitarianism.
Hayek believed that central planning and government controls stifle entrepreneurship, innovation, and economic growth. He advocated for a free market economy based on the principles of individual liberty, private property, and limited government intervention.
Top 5 FAQs on the Nobel Prize in Economics and "The Road to Serfdom":
1. What is the significance of the 2020 Nobel Prize in Economics?
It highlights the importance of institutions in economic development and societal well-being.
2. What was the main argument of "The Road to Serfdom"?
Government intervention in the economy undermines individual freedom and leads to totalitarianism.
3. Who won the Nobel Prize in Economics in 2021?
David Card, Joshua D. Angrist, and Guido W. Imbens for their work on causal relationships in labor economics.
4. Why did some people question the inclusion of the Nobel Prize in Economics as a "Nobel" category?
It was established by a central bank rather than Alfred Nobel himself, and it recognizes social sciences rather than the traditional "hard" sciences.
5. How does "The Road to Serfdom" remain relevant today?
The book's warnings about the dangers of excessive government intervention continue to resonate in debates about economic policies and societal freedoms.
Kerala General Education Minister V Sivankutty has clarified that the state government agreed to join the Centre's PM SHRI scheme to prevent the loss of approximately ₹1,500 crore in central funds. He stated that the state will not compromise on its education policies and will continue to publish its own textbooks. With the agreement allowing either party to withdraw at any time, the minister asserted that Kerala has the right to approach the court if necessary. He added that funds from the scheme are also used to support autism centres and other projects in the state, making it crucial for the education department to take steps to prevent the loss of funds.
In the 127th episode of his monthly radio programme 'Mann Ki Baat', Prime Minister Narendra Modi emphasized the enduring significance of the national song 'Vande Mataram'. He urged all Indians to celebrate the 150th year of the song's composition and instill its message of patriotism and unity in the younger generations. Tracing its origins, PM Modi highlighted how the song reflects India's ancient wisdom and the powerful bond between "Ma Bharati" and her children. The programme, launched in 2014, aims to connect with various segments of Indian society and is now broadcast in multiple languages across the world.
During his monthly radio programme, PM Narendra Modi addressed various topics including the importance of Chhath festival in showcasing India's social unity, the recent success of Operation Sindoor by the armed forces, and the upcoming celebrations for Sardar Patel's birth anniversary and Birsa Munda's legacy. He also urged citizens to participate in the Run for Unity event on October 31 and highlighted the significance of 'Vande Mataram' in Indian culture.
JD Vance, the current US Vice President, publicly criticized Zohran Mamdani, a Democrat running for the position of New York City Mayor, for his recent comments about Islamophobia and 9/11. Vance argued that Mamdani's remarks failed to acknowledge the 3,000 individuals who lost their lives and those who were injured during the terrorist attack. Mamdani, who shared his aunt's experience of discrimination post-9/11, spoke at a mosque in the Bronx and highlighted the fear that many Muslims faced in the city.
In honor of World Polio Day, local restaurants in Minnesota are teaming up for the "End Polio Now" event to raise awareness and funds for polio eradication. From 7 a.m. to 7 p.m., residents are encouraged to dine at participating restaurants where volunteers will educate them on the impact of polio worldwide and how to help. The event's signature sponsor, Eagle Rock, along with other local restaurants, will donate proceeds to Rotary International, which uses funds to provide polio vaccines to children in vulnerable areas. This effort is crucial given that polio continues to be a problem in some parts of the world, even though it has been eliminated in the US since 1979.
In a tightly contested race for the Rajya Sabha seats in Jammu & Kashmir, the ruling NC alliance emerged victorious, securing three out of the four seats. The BJP, which held only 28 seats in the Assembly, had hoped for a win through cross-voting or support from smaller groups. However, the NC's dominant position in the 88-member Assembly reaffirmed voter trust in their post-Article 370 political stability. PDP President Mehbooba Mufti also congratulated the NC candidates and expressed hope that they will strongly represent the people of Jammu & Kashmir in Parliament.
Mayor Derek Slaughter has vetoed a recent city ordinance that limits the terms of elected officials, citing concerns about retroactivity and lack of language addressing current officials. This veto comes after the ordinance was adopted in a 6-0 vote by City Council, with the mayor absent. If legally challenged, the defense of this ordinance could result in unnecessary costs for taxpayers. The mayor's decision has sparked a response from council members, with attempts to reach them for comment.
Prime Minister Narendra Modi addressed his first election rally in Bihar and expressed confidence in winning the upcoming polls. He mocked the opposition INDIA bloc and praised the unity within NDA, highlighting leaders like Nitish Kumar, Chirag Paswan, Jitan Ram Manjhi, and Upendra Kushwaha. Modi also criticized the 'jungle raj' under RJD and Congress and highlighted Bihar's progress under Nitish Kumar's tenure. Despite the upcoming Chhath festival, the PM thanked the crowd for attending and described the recent GST rate revision as a 'festival of savings'.
The suspension of Praveen Kumar K P, a PDO serving in Sirwar taluk of Raichur district, for participating in an RSS rally has sparked controversy in Karnataka. BJP leaders have condemned the move and promised to fight it legally, claiming that the officer's right to participate in such events is protected by law. Meanwhile, the state's Rural Development Minister has written to the Chief Minister for a ban on RSS activities on government premises, further intensifying the issue.
In a heated verbal exchange, Maratha quota activist Manoj Jarange Patil accused NCP Minister Chhagan Bhujbal of attempting to create a rift between the OBC and Maratha communities for political gain. During a recent OBC rally in Beed, Bhujbal and Dhananjay Munde attacked Jarange, with Pankaja Munde, a BJP OBC leader, watching from the sidelines. Jarange also praised Chief Minister Devendra Fadnavis and Minister Pankaja Munde for staying away from the rally and emphasized the unity of the OBC community. Bhujbal, on the other hand, warned Jarange against challenging the community's rights and vowed to stand up against any attempts to divide them.