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.
Congress Leader Rahul Gandhi is set to address a press conference on Thursday, where he is expected to present evidence of alleged vote theft in Indian elections. Gandhi has been vocal about the issue in previous speeches, accusing the government of using unfair means to form their power. He also claimed that the Election Commission is working in collaboration with the ruling party. The Congress promised to provide proof to back their claims and expose corruption in the Mahadevapura Assembly segment in Karnataka.
The centre has directed the removal of 138 YouTube videos and 83 Instagram posts related to Adani, citing a Delhi court order. The move comes amid ongoing disputes over the Adani Group's involvement in various projects. This action has been met with criticism, with some questioning the government's interference in online content.
Congress leader Rahul Gandhi revealed that the party has uncovered over 6,000 voter deletions in Aland constituency, Karnataka, ahead of the 2023 Assembly elections. According to their investigation, these deletions were not random or accidental but specifically targeted booths where the party was performing strongly. The deletions were carried out through fake applications and mobile numbers from outside Karnataka, raising concerns of an organized effort to manipulate the election process. Congress is calling for a thorough investigation to uphold the integrity of the democratic process.
Congress leader Rahul Gandhi has strongly criticized Chief Election Commissioner Gyanesh Kumar, accusing him of protecting those involved in "vote chori" (vote stealing) and undermining democracy. He cited recent instances of voter deletions in Karnataka's Aland and fraudulent additions in Maharashtra's Rajura as evidence of systematic targeting of Congress voters. Speaking at a press conference, Gandhi urged for a fair and transparent election process to uphold the principles of democracy.
Congress MP and leader of opposition in Lok Sabha, Rahul Gandhi, held a news conference and claimed that the Chief Election Commissioner is protecting those who are destroying the Constitution and democracy in India. He also alleged that a group of people is systematically cutting the votes of minority groups who vote for the Congress party. In response, politicians from different parties have dismissed his accusations and stated that he is making these statements out of desperation and frustration.
United States President Donald Trump has expressed delight at the suspension of ABC's late-night talk show hosted by Jimmy Kimmel, following backlash against his comments on the killing of conservative commentator Charlie Kirk. Trump criticized Kimmel's talent and ratings, calling him a "total loser" and "Fake News" host. The show will reportedly be replaced by other ABC programs and has been taken off air indefinitely. This comes after Kimmel addressed the killing of Kirk during a monologue and condemned attempts to politicize the case.
On Prime Minister Narendra Modi's 75th birthday, various ministers, politicians, and private companies took out expensive advertisements in English newspapers to wish him. The Times of India had the most ads, followed by The Indian Express, Hindustan Times, and The Hindu. Some advertisements were placed by lesser-known politicians and political parties, while companies and trade associations also joined in to greet the PM. One advertisement even detailed the achievements of PM Modi in seven milestones.
In a powerful speech, Chief Justice of India B.R. Gavai highlighted the essential role of human dignity in the Constitution and the judiciary's responsibility to uphold it. He emphasized that dignity forms the very core of fundamental rights and has been consistently upheld by the Supreme Court in landmark judgments. Lok Sabha Speaker Om Birla echoed this sentiment, stating that it is crucial for the government and judiciary to work together to deliver justice to the people.
Tamil Nadu Chief Minister MK Stalin will be attending the grand celebration of Mupperum Vizha, which marks the birth anniversary of party founder CN Annadurai, social reformer Periyar, and DMK's founding day. Several prestigious awards, including the Periyar Award for Kanimozhi Karunanidhi, will be presented during the event, which has been designed like a fortress with a capacity to seat one lakh people. The stage is dominated by portraits of Chief Minister Stalin and Deputy Chief Minister Udhayanidhi Stalin, along with banners highlighting the achievements of the Tamil Nadu government.
The Vantara zoological rescue and rehabilitation centre, established by Reliance Foundation in Jamnagar, was under scrutiny by the Supreme Court following allegations of irregularities. On 15 September 2025, the Court accepted the findings of the special investigation team (SIT) in a "sealed cover," concluding that there were no violations of various laws and regulations. Congress leader Jairam Ramesh expressed admiration for the justice system's rare display of efficiency in this case, but also raised questions about the use of sealed covers in court proceedings.