Want to create an interactive transcript for this episode?
Podcast: In Focus by The Hindu
Episode: Why is this year's Nobel prize for Economic Sciences so controversial?
Description: This year’s Nobel Prize in Economic Sciences was awarded to Daron Acemoglu, Simon Johnson and James Robinson [AJR] for their work in understanding how good institutions play are essential role for a country’s prosperity. They explain how 'inclusive institutions' can help countries grow and create long-term benefits for everyone. They also explain how 'extractive institutions' provide short-term gains for the people in power.  In a press release announcing the winners of this year's Nobel Prize for Economic Science, the The Royal Swedish Academy of Sciences noted that societies changed when Europeans colonised large parts of the glob...