Nobel prize: Why are some countries so much richer than others?

More or Less: Behind the Stats

BBC

Business, Mathematics, Science, News Commentary, News

4.6 • 3.5K Ratings

🗓️ 19 October 2024

⏱️ 10 minutes

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Summary

The question of why some countries are rich and some poor has been described as the most important question in economics.

Perhaps that is why the Royal Swedish Academy of Sciences awarded the Nobel Memorial Prize in Economics to Daron Acemoglu, Simon Johnson and James Robinson for their work on the importance of institutions in the economic fortunes of nation states.

Tim Harford explains the economic theory that underpins their award.

Presenter: Charlotte McDonald Reporter: Tim Harford Producer: Bethan Ashmead Latham Series producer: Tom Colls Production co-ordinator: Katie Morrison Sound mix: Giles Aspen Editor: Richard Vadon

Transcript

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0:32.0	Evil genius listen on BBC sounds. Evil Genius.
0:33.0	Listen on BBC Sounds.
0:35.0	Thanks for downloading the more or less podcast from the BBC World Service.
0:39.0	We're your weekly guide to the numbers in the news and in life.
0:43.0	And I'm Tim Harford.
0:44.5	And I'm Charlotte McDonald.
0:49.1	On Monday, the Royal Swedish Academy of Sciences announced the winners of this year's Nobel Memorial Prize in Economics,
0:55.9	Darren Asamoglu, Simon Johnson and James Robinson.
1:01.7	The trio have a bewildering array of achievements between them and he better to
1:06.0	economic explain it all to us than the undercover economist himself more or less
1:10.4	presenter Tim Harford. That's me.
1:13.4	So Tim, tell us about this year's prize winners.
1:15.8	Oh, it's very exciting.
1:17.0	I don't think their prize will come as a surprise to economists at all.
	...

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