India has control over its destiny: James A Robinson, co-winner of Economics Nobel 2024
James A Robinson, co-recipient of the 2024 Nobel Prize in Economics, emphasizes the crucial role of strong institutions and good governance in determining a nation's prosperity. He highlights that India, like other countries, has the ability to shape its future through institutional strength and warns about the fragility of prosperity using the example of historical Venice.
In an insightful conversation with The Economic Times, Nobel laureate James A Robinson, awarded the 2024 Sveriges Riksbank Prize in Economic Sciences for his research on how institutions influence prosperity, discusses the fundamental factors behind national success and failure. He stresses that robust political and economic institutions are vital for sustained economic growth and societal well-being. Robinson draws historical parallels to Venice to caution about the delicate balance needed to maintain prosperity over time. His work, shared with colleagues Daron Acemoglu and Simon Johnson, offers a deep understanding of why some countries remain poor while others thrive, illustrating that institutional quality shapes economic outcomes. Robinson underscores that India has agency and control over its destiny by fostering strong institutions and governance frameworks that support inclusive growth. This perspective aligns with his broader Nobel-winning research, which traces the formation and persistence of institutions and their effects on comparative economic development.
