Learn from the laureates

The 2024 Nobel Prize in Economics was awarded to three American professors who conducted research into wealth inequality between different nations of the world. They examined various political and economic systems introduced by European colonists in colonised countries and demonstrated the relationship between societal institutions and prosperity in those countries. Their research found that the countries with extractive institutions did not achieve good economic progress and remained poor because their systems were providing short term gains for the people in power. I think we have clearly been a victim of extractive political and economic systems, which have resulted in poverty and economic inequality. We must learn from this economic research and form inclusive institutions for our country’s survival and prosperity.

Ejaz Ahmad Magoon

Dubai

UAE