A Nobel prize for explaining why there's global inequality
14 December - 28 mins
Podcast Series
Planet Money
Why do some nations fail and others succeed?
In the late 1990s and early 2000s, three economists formed a partnership that would revolutionize how economists think about global inequality. Their work centered on a powerful — and almost radically obvious — idea: that the economic fate of nations is determined by how societies organize themselves. In other words, the economists shined a spotlight on the power of institutions, the systems, rules, and structures that shape society.
We spoke with two of the Nobel-winning economists about their research on why some countries are rich and others are poor, why it took so long for economics to recognize the power of institutions, and what the heck...
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