British-Americans Simon Johnson and James Robinson and Turkish-American Daron Acemoglu have been jointly awarded the Nobel Prize in economics for their groundbreaking work on the role of political and economic institutions in a nation's prosperity. Their research debunks traditional notions that attribute economic success to geography or culture, highlighting the significance of inclusive institutions in fostering sustained growth. Bangladesh's journey from being one of the poorest nations to a thriving economy is a prime example of the impact of strong institutions. The Nobel laureates' work serves as a reminder of the importance of building inclusive institutions for long-term development.
Nobel Prize in Economics Honors Research on Institutions and Economic Prosperity
Introduction
The 2022 Nobel Prize in Economics has been jointly awarded to British-Americans Simon Johnson and James Robinson, and Turkish-American Daron Acemoglu, for their groundbreaking research on the role of political and economic institutions in a nation's prosperity. Their work has reshaped our understanding of the factors that drive economic growth and development.
Background
Traditionally, economists have attributed economic success to factors such as geography or culture. However, the work of Johnson, Robinson, and Acemoglu challenges this view, arguing that inclusive institutions are the key to sustained economic growth.
Inclusive institutions are those that provide equal opportunities for all citizens, regardless of their background or status. They include strong political systems, transparent legal frameworks, and well-functioning property rights.
The Research
Johnson, Robinson, and Acemoglu's research provides empirical evidence to support their theory. They have shown that countries with more inclusive institutions tend to experience higher levels of economic growth, lower levels of poverty, and greater political stability.
Bangladesh: A Case Study
Bangladesh serves as a prime example of the impact of strong institutions. Once one of the world's poorest nations, Bangladesh has experienced remarkable economic growth in recent decades, thanks in part to the implementation of inclusive institutions.
Top 5 FAQs
1. What are inclusive institutions?
Inclusive institutions are those that provide equal opportunities for all citizens, regardless of their background or status. They include strong political systems, transparent legal frameworks, and well-functioning property rights.
2. How do inclusive institutions contribute to economic growth?
Inclusive institutions provide a stable and predictable environment for investment, innovation, and entrepreneurship. They protect property rights, reduce corruption, and promote fair competition, all of which are essential for long-term economic growth.
3. What are some examples of inclusive institutions?
Examples of inclusive institutions include democratic governments, independent judiciaries, transparent legal frameworks, and well-functioning property rights systems.
4. How has Bangladesh benefited from strong institutions?
Bangladesh has experienced remarkable economic growth in recent decades, thanks in part to the implementation of inclusive institutions. These institutions have provided a stable and predictable environment for investment, job creation, and poverty reduction.
5. What are some lessons from the research of Johnson, Robinson, and Acemoglu?
The research of Johnson, Robinson, and Acemoglu highlights the importance of building inclusive institutions for long-term economic development. It also challenges traditional notions of economic success and shows that factors like geography and culture are not as important as institutions in determining a nation's prosperity.
The former head of ISKCON in Bangladesh, Chinmoy Krishna Das Brahmachari, was arrested and charged with sedition on Monday, leading to India intervening in the situation. Clashes between security forces and Hindu protestors resulted in the death of a Muslim lawyer defending Das. Amid the chaos, Bangladesh's government has ordered an investigation and ISKCON has denied any connection to terrorism.
Dr. Abraham Mathai, a former Vice-Chairman of Maharashtra State Minorities Commission, has written to the President of the United Nations Human Rights Council (UNHRC) to intervene and secure the release of jailed Iranian Nobel Peace Prize Laureate, Ms. Narges Mohammadi, on humanitarian grounds. Mohammadi, who has been imprisoned by Iran for 10 years, is in a precarious state of health and urgently needs comprehensive medical treatment. Ahead of Iran's review under the UN Human Rights Council's Universal Periodic Review, Mathai is urging UNHRC to compel the Iranian authorities to release Mohammadi so she can receive proper care for her serious medical conditions.
India has expressed deep concern over the arrest and denial of bail to Chinmoy Krishna Das Brahmachari, spokesperson of the Bangladesh Sammilit Sanatan Jagaran Jote and head of Pundarik Dham. The Ministry of External Affairs condemned the arrest and highlighted the continuing violence against minorities in Bangladesh, urging authorities to ensure their safety and right to peaceful assembly. Protests have broken out in various parts of Bangladesh, with hundreds of Hindus rallying in Chittagong in response to the news.
The International Society for Krishna Consciousness (ISKCON) has called upon the Indian government to intervene and secure the release of prominent Hindu leader and priest, Chinmoy Krishna Das, who was detained by the Dhaka Metropolitan Police in Bangladesh. ISKCON, known for its peaceful Bhakti movement, has strongly condemned the baseless allegations connecting the organization with terrorism. Chinmoy Krishna Das, a spokesperson for Bangladesh Sanatan Jagaran Mancha and a prominent figure in the ISKCON community, was taken into custody by the detective branch of Dhaka Metropolitan Police.
Today marks 16 years since the deadly and unforgettable 26/11 attacks in Mumbai, India. As people remember the victims and honor the brave heroes who fought during the attacks, let's not forget the selflessness and courage of Tukaram Omble, an unarmed police officer who saved lives by bravely standing up to terrorist Ajmal Kasab, and Major Sandeep Unnikrishnan, a commando who sacrificed his life while leading the rescue mission at the Taj Hotel. On this somber anniversary, we pay tribute to these and other unsung heroes who risked everything to protect and serve their fellow citizens.
Maharashtra Governor and Chief Minister, along with senior officials, pay tributes to martyrs who lost their lives during the 2008 Mumbai terror attacks, carried out by 10 terrorists from the Pakistan-based Lashkar-e-Taiba group. The attacks resulted in the deaths of 166 people and sparked widespread global condemnation, leading to changes in India's counter-terrorism measures. Family members of the martyrs also joined in the tributes, honoring the ultimate sacrifice made by their loved ones.
On November 26, 2008, Mumbai was struck by a devastating terror attack that claimed the lives of 166 individuals and left hundreds injured. As the city observed the 16th anniversary of this tragic event, people across the nation paid their respects to the victims and honored the bravery of security personnel. The coordinated attacks by LeT militants targeted both civilians and law enforcement, serving as a stark reminder of the threat posed by terrorism. Nine attackers were neutralized by security forces, with the sole surviving perpetrator being sentenced to death and executed in 2012. The 26/11 attacks continue to be remembered as a tragic chapter in India's history, demonstrating the resilience and courage of Mumbai and its people.
The International Society for Krishna Consciousness (ISKCON) has requested the Indian government to intervene and secure the release of its leader Sri Chinmoy Krishna Das, who was detained by Dhaka Metropolitan Police in Bangladesh. ISKCON has vehemently denied any involvement with terrorism and is calling for the immediate release of Chinmoy Krishna Das. The organization has asked the Government of India to reach out to their Bangladeshi counterparts and convey their peaceful message as a Bhakti movement.
On November 26, 2024, India commemorated the 16th anniversary of the tragic 26/11 Mumbai terror attacks, one of the deadliest in the nation's history. Leaders from across the country paid their respects to the lives lost and reaffirmed their commitment to fighting against terrorism. President Droupadi Murmu, Uttar Pradesh Chief Minister Yogi Adityanath, Maharashtra Deputy Chief Ministers Devendra Fadnavis and Ajit Pawar, and Union Home Minister Amit Shah all offered heartfelt tributes and condemned terrorism as a heinous blot on humanity.
Hindus in Bangladesh took to the streets demanding the release of monk Chinmoy Krishna Das Prabhu after he was detained by officials and taken to an undisclosed location. Protests turned violent when unknown miscreants attacked protesters in Dhaka and Chittagong, leading to injuries of over 20 people. Sources suggest that the arrest was a ploy by the interim government, led by Nobel laureate Muhammad Yunus, to target the minority Hindu community.