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

In this episode, we explore the significant insights from the 2023 Nobel Prize in Economic Sciences, awarded to Daron Acemoglu, Simon Johnson, and James Robinson. Their research highlights how the quality of institutions impacts wealth disparity among nations. By looking at historical examples of colonialism and its varying effects on institutional development across regions, we uncover the ongoing debate about the roles of institutions versus geography in driving economic success. This discussion enriches our understanding of how governance shapes national prosperity.