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.
Amid preparations for the crucial Delhi assembly elections in 2025, the Congress has appointed Qazi Nizamuddin as the AICC in-charge of the state, replacing Deepak Babaria. This comes after all Shiv Sena MLAs unanimously chose Eknath Shinde as the leader of the legislative party. Meanwhile, Haryana Assembly Speaker Harvinder Kalyan has formed committees of the assembly which will work till March 31, 2025, with members from various political parties. Additionally, Nepal's trade deficit has crossed Rs 460 billion in the first four months of the current fiscal year, highlighting the economic challenges faced by the country.
The Supreme Court has rejected three petitions seeking to delete the words 'secular' and 'socialist' from the Preamble of the Constitution of India. The Court stated that the power to amend the Constitution extends to the Preamble and that the words were inserted in 1976 during a national emergency. The Court also clarified that the terms 'secular' and 'socialist' do not restrict economic policies and reflect the State's commitment to equality and welfare. The petitions were filed by former BJP leader Subramanian Swamy, advocate Ashwini Upadhyay, and Balram Singh.
As India celebrates Constitution Day on November 26, President Droupadi Murmu delivered a joint address to both Houses of Parliament, marking 75 years of the adoption of India's Constitution. In her speech, she highlighted the government's efforts towards the welfare of all sections of society, especially the weaker sections. This day is observed every year as a tribute to Dr. B.R. Ambedkar, Chairman of the Drafting Committee of the Constitution, on his 125th birth anniversary.
Bangladesh's chief advisor, Muhammad Yunus, has condemned the violent clashes that erupted over the arrest of a Hindu religious leader and ISKCON monk Chinmoy Krishna Das Prabhu. A public prosecutor was killed in the clash, prompting the government to order an investigation and increase security in Chittagong. The arrest of the monk, who is associated with a group advocating for the protection of Hindu minorities, has sparked outrage among his supporters.
On Constitution Day, both the Prime Minister and President emphasized the significance of the Constitution in shaping India's progress and development. At the PMO and Supreme Court celebrations, officials and leaders reflected on the document's role in achieving social justice and inclusivity. The release of a special coin and stamp serves as a commemoration of the Constitution's 75 years of impact.
A protest was held in Himachal Pradesh's Hamirpur district against the planned shutdown of a charitable hospital managed by Radha Soami Satsang Beas in Bhota. The hospital, which has been operating since 2000 and serves over 100,000 people, is facing closure due to unresolved land transfer issues. Despite claims by the hospital administrator that the closure notice was issued by the sect's management, the state government has yet to guarantee the hospital will continue to operate. This move has caused concern among residents who rely on the free healthcare services provided by the hospital.
"Madhya Pradesh CM Invites Investors to State's Global Investors Summit, Highlights Development Progress Made Under PM Modi's Leadership" Madhya Pradesh Chief Minister Mohan Yadav attended an event in London, where he invited investors to the state's upcoming Global Investors Summit. In his address, CM Yadav highlighted the development work undertaken in the state, crediting the leadership of PM Modi. He also spoke about the various sectors in Madhya Pradesh, such as infrastructure and healthcare, that have seen significant progress under the government. With subsidies and incentives in place, CM Yadav emphasized that the state is ready to welcome investors and create a positive impact for both Madhya Pradesh and the country.
The Food Safety and Standards Authority of India (FSSAI) has rejected food consignments from various countries, citing concerns over food safety and quality. This decision highlights India's growing vigilance in regulating food imports and safeguarding public health. Stakeholders are urged to ensure compliance with safety norms to avoid similar rejections in the future. With increasing scrutiny on imported goods, the rejection of these consignments reflects the FSSAI's commitment to enforcing strict regulations and protecting consumer interests in the face of global supply chain challenges.
Chinmoy Krishna Das Brahmachari, a well-known Hindu leader in Bangladesh, has been arrested by the Detective Branch of Dhaka Metropolitan Police on charges of sedition. His arrest has sparked protests and drawn international attention to the ongoing religious tensions and discrimination against minorities in the country. Despite efforts by his legal team, he has been denied bail and transferred to jail. The Indian Ministry of External Affairs has also expressed deep concern over the incident and the treatment of minorities in Bangladesh.
On Constitution Day, Congress leader Rahul Gandhi launched a scathing attack on Prime Minister Modi, accusing him and the RSS of working against the principles of the Indian Constitution. He stressed the importance of understanding and upholding its values, and reiterated Congress' commitment to conducting caste-based censuses in states where they are in power. Gandhi also highlighted the need for representation of marginalized communities in fields like education and media to dismantle systemic discrimination.