The 2024 Nobel Prize in Economics (officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel) was awarded last Monday to Daron Acemoğlu, Simon Johnson, and James A. Robinson. The fact that one of the recipients, Daron Acemoğlu, was born and raised in Turkey and completed his education up until university in the country, has drawn attention to his work and economic contributions in Turkey. Acemoğlu and his colleagues’ research offers valuable insights into the current situation in Turkey as well.Daron Acemoğlu and the two other laureates were awarded the prize for their work explaining the vast differences in prosperity between nations. Their research argues that these disparities are not primarily due to factors like geography, culture, or access to technology, but rather stem from differences in institutional structures. Acemoğlu and his colleagues aimed to explain the wealth disparities of today's world by exploring the past and examining the historical dynamics of societies. They focused on the impact of institutions, and the striking conclusion, as summarized by the Nobel Committee, is this: inclusive institutions were often implemented in countries that were poor when colonized, and over time, these institutions generally resulted in a prosperous population. This helps explain why formerly wealthy colonies are now impoverished, and vice versa.9The emphasis on the inclusiveness of institutions, as highlighted by the Nobel Committee, is crucial here. Acemoğlu and Robinson found that inclusive institutions promote economic growth, whereas extractive institutions, which hinder long-term prosperity, negatively impact overall well-being. Inclusive institutions refer to political and economic structures that promote broad societal participation, equality, and the rule of law. These institutions create opportunities for individuals to engage in economic activities, innovate, and accumulate wealth, ensuring that the majority of citizens have access to resources and political influence.&nbsp;In contrast, extractive institutions concentrate power and wealth among elites, stifling competition and limiting a country’s economic potential. Acemoğlu, Robinson, and Johnson compare inclusive institutions with extractive ones, which hinder innovation and growth by concentrating wealth and political power among elites. Their research demonstrates that inclusive institutions are critical for sustainable economic development, as they foster investment, technological advancement, and social mobility over time.When discussing the findings of Acemoğlu, Johnson, and Robinson, it’s important to highlight their 2001 paper published in the *American Economic Review* titled *The Colonial Origins of Comparative Development: An Empirical Investigation*. This paper laid the foundation for their influential books like *Economic Origins of Dictatorship and Democracy*, *Why Nations Fail*, and *The Narrow Corridor*. This impressive paper, which has garnered 18,620 citations as of the time of writing, analyzes the impact of colonial institutions on modern economic development.&nbsp;The paper demonstrates that regions where European colonizers established extractive institutions experienced lower long-term economic growth. In contrast, regions where colonizers developed inclusive institutions, such as legal protections for private property, achieved higher levels of growth, even after decolonization. Their research argues that economic development is not merely about access to resources or geographical advantages but about how societies organize their institutions.In addition to establishing the causal relationship between institutions and societal prosperity, the laureates also initiated a new era in economics with their empirical approach. Their contribution was not just in uncovering a causal relationship but also in advancing methodology. The mathematical modeling and econometric methods they used to demonstrate this relationship were groundbreaking, and the Nobel Committee emphasized the innovative nature of their methodology in explaining why the award was given. Through their methodological contributions, these three scholars have paved the way for future researchers.However, it’s also worth noting that the award has received its share of criticism. In particular, critics argue that the prosperity seen in countries like China and South Korea, where inclusive institutions are absent, has been overlooked. These critiques suggest that the research prioritizes Western institutional frameworks, while ignoring the different development paths pursued by non-Western countries. Thus, the works have been found problematic for seemingly neglecting the diversity of development strategies outside the Western context.* Dr. Caner Gerek &nbsp;<hr fr-original-style="" style="height: 0px; overflow: visible; border-bottom: none; clear: both; user-select: none; break-after: page; box-sizing: border-box;"> 1 &nbsp;https://x.com/acikradyo/status/18448031239544833972&nbsp;&nbsp;İlker Deniz Yücel, B. No. 2017/16589, 28.05.2019, § 85.3&nbsp;Altuğ Taner Akçam/Türkiye, no. 27520/07,25.10.2011; ayrıca AİHM’in şu kararlarına da bakılabilir:&nbsp;Güçlü/Türkiye, no. 27690/03, 10.2.2009;&nbsp;Dink/Türkiye, no.&nbsp;2668/07 6102/08 30079/08... , 14.09.2010;&nbsp;Cox/Türkiye, no. &nbsp;2933/03, 20.05.2010;&nbsp;İlker Deniz Yücel/Türkiye,&nbsp;no.&nbsp;27684/17, 25.01.2022.&nbsp;4 https://bigpara.hurriyet.com.tr/haberler/genel-haberler/kredi-kartlarindan-savunma-sanayii-payi-gorusmesi-ertelendi-ak-partili-guler-acikladi-yasa-teklifi-2025-yilina-birakildi_ID1602021/&nbsp;5 https://gazeteoksijen.com/ekonomi/simsekten-savunma-sanayi-payi-aciklamasi-celik-kubbe-insa-edilecek-2254586 https://finans.mynet.com/haber/detay/ekonomi/kredi-karti-limitine-vergiyi-savunurken-konuyu-dem-parti-ye-yunanistan-a-ve-ermenistan-a-baglayan-destici-onun-vermedigi-750-lirayi-biz-veririz/490735/&nbsp;7 https://x.com/mahfiegilmez/status/1845033303499214920&nbsp;8https://www.riskmerkezi.org/Content/Upload/istatistikiraporlar/ekler/4469/RM_Aylik_Bulten_-_Agustos_2024.pdf9 https://www.nobelprize.org/prizes/economic-sciences/2024/popular-information/

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In addition to establishing the causal relationship between institutions and societal prosperity, the laureates also initiated a new era in economics with their empirical approach. Their contribution was not just in uncovering a causal relationship but also in advancing methodology.

Sveriges Riksbank Prize ile ilgili hikayeler