3 U.S.-based economists win economics Nobel Prize for work on "natural experiments"
CBSOct 17, 2021
Three US-Based Researchers Share Nobel Prize in Economics
story
Above: The Nobel Committee announces the winners of the 2024 Nobel Prize in Economic Science during a press conference at the Karolinska Institute in Stockholm, Sweden, on Oct.14, 2024. Image copyright: Atila Altuntas/Contributor/Anadolu via Getty Images
The Facts
The 2024 Nobel Prize in Economics was awarded to Daron Acemoglu and Simon Johnson of the Massachusetts Institute of Technology (MIT) and James A. Robinson of the University of Chicago for their work on "how institutions are formed and affect prosperity."
According to Turkish-born Acemoglu, the group's research focused on European colonialism. Instead of focusing on whether colonialism was "good" or "bad" Acemoglu said they studied how "different colonial strategies have led to different institutional patterns that have persisted over time."
The Spin
Left narrative
Research on this topic is paramount to understanding why certain countries thrive economically while others are left impoverished. This phenomenon is most evident in Africa, where Western empires used the imperialist claim of "civilizing" populations as an excuse to steal resources and enslave people. The West is rich today thanks to the plundering of African land and the forced labor of African people.
Right narrative
Whether it be the Romans conquering Britain, the British conquering Scotland, or European imperialism in Africa, all of the relevant variables and dynamics need to be evaluated fairly. Likewise, if you look at the countries never colonized by imperial powers, they remained the most impoverished countries on Earth. A nuanced approach is needed.
