Nobel Prize in economics 2024 awarded to trio for work on differences in prosperity between nations
CNN
A trio of economists was awarded the Nobel Prize Monday for their “studies of how institutions are formed and affect prosperity.”
A trio of economists was awarded the Nobel Prize Monday for their “studies of how institutions are formed and affect prosperity.” Daron Acemoglu, Simon Johnson and James Robinson will share the prize, which carries a cash award of 11 million Swedish kronor ($1 million). The Nobel Committee praised the trio for explaining why “societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better.” “When Europeans colonized large parts of the globe, the institutions in those societies changed,” the committee said, citing the trio’s work. While in many places this was aimed at exploiting the indigenous population, in other places it laid the foundations for inclusive political and economic systems. “The laureates have shown that one explanation for differences in countries’ prosperity is the societal institutions that were introduced during colonization,” the committee added. Countries that developed “inclusive institutions” have over time become prosperous, while those that developed “extractive institutions” have experienced persistently low economic growth.
A stark new reality in Europe — that its long-time ally and security guarantor, the United States, may not come to its rescue in a future war — has set the stage for a faster ramp-up in military spending on the continent.
Inflation is picking up again and President Donald Trump said this week it’s all his predecessor’s fault. But no matter who Trump blames for inflation, America’s economic mood is now souring — and Trump is getting the heat for it.
The Trump administration is planning to fire members of the independent government board that oversees the US Postal Service, a move that could serve as a step toward privatizing the service, according to multiple published reports.
College campuses embroiled in allegations of antisemitism are bracing for a crackdown by the Trump administration.
Boeing has had six years of production problems, safety issues, delivery delays and unhappy buyers of its aircraft. But President Donald Trump’s anger at the delays for the next generation of Air Force One jets could result in a huge blow to what remains of the company’s prestige and finances going forward.
Apple offered the latest version of its budget friendly phone for pre-sale in key markets on Friday, in an effort to woo customers in price-sensitive countries like China and India.
When German voters go to the polls Sunday, the country’s moribund economy — and promises to fix it — will be front of mind. But Donald Trump’s looming import tariffs will make that daunting task even harder for the new government.
Delta Air Lines is offering passengers who were on the flight that crashed and overturned at Toronto Pearson International Airport $30,000 each.
US stocks fell Thursday after the world’s largest retailer warned that 2025 would be a rollercoaster ride and said it expected sales to slow this year amid fears that consumers are tapped out.
No one wants to pay taxes, and practically every American dislikes the IRS. But, as the saying goes, the only guarantees in life are death and taxes. So the IRS is here to stay.
Imagine having a language tutor who was always on, available anytime to teach you new vocabulary or check up on your progress.
Shoppers flooded to Walmart for groceries and clothing last year. But 2025 will be trickier for the retail giant as inflation ticks back up and Trump’s tariffs kick in.
Trump says DOGE could return 20% of its savings directly to taxpayers. That could reignite inflation
President Donald Trump said he is considering a plan that would give 20% of savings identified by Elon Musk’s Department of Government Efficiency (DOGE) back to Americans, potentially complicating the country’s ongoing battle with elevated inflation.