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Democracies underperform when the population feels they are not delivering,
he said, stressing the need for these systems to reclaim public trust Acemoglu, Johnson and Robinson have shown that a large part of this income gap is due to differences in economic and political institutions in society,
The decisive difference is thus not geography or culture, but institutions,
the Royal Swedish Academy of Sciences said Although the poorer countries are, of course, becoming richer, they're not closing the gap,
Jan Teorell, a professor of political science and member of the award committee, told a press conference Reducing the vast differences in income between countries is one of our time’s greatest challenges. The laureates have demonstrated the importance of societal institutions for achieving this,
said Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences I think this is a time when democracies are going through a rough patch,
They have identified the historical roots of the weak institutional environments that characterize many low-income countries today,
he told a press conference I am delighted. It's just a real shock and amazing news,
Acemoglu told a reporters via telephone as the award was announced in Stockholm This is an important reason for why former colonies that were once rich are now poor, and vice versa,
the Nobel prize announcement said Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better,
the award organisers added on their website The second is that the masses sometimes have the opportunity to exercise power by mobilising and threatening the ruling elite; power in a society is thus more than the power to make decisions. The third is the commitment problem, which means that the only alternative is for the elite to hand over decision-making power to the populace,
This year’s laureates have pioneered new approaches, both empirical and theoretical, that have significantly advanced our understanding of global inequality,
said Nobel committee member Jakob Svensson Broadly speaking, the work we have done favours democracy,