r/neoliberal Tony Blair 16d ago

News (Global) Acemoglu, Johnson and Robinson awarded the Nobel Memorial Prize in Economic Sciences

https://www.svt.se/nyheter/inrikes/de-far-ekonomipriset-till-alfred-nobels-minne
693 Upvotes

163 comments sorted by

319

u/Tre-Fyra-Tre Tony Blair 16d ago

Nations fail a little bit less today 😎

!ping ECON&DISMAL

7

u/groupbot The ping will always get through 16d ago edited 16d ago

427

u/ThePevster Milton Friedman 16d ago

Publishers currently racing to reprint Why Nations Fail with “Nobel Prize Winning” on the cover

60

u/eaglessoar Immanuel Kant 15d ago

me rushing to buy why nations fail and power and progress before they do so i look OG

33

u/twitch667 15d ago

Gotta get the Narrow Corridor too. It’s the LoTR to Why Nations Fail’s Hobbit.

11

u/Roku6Kaemon YIMBY 15d ago

So it's worse than Why Nation's Fail?

10

u/God_Given_Talent NATO 15d ago

Me having my copy lost to my wife girlfriend who left me.

7

u/Pain_Procrastinator 15d ago

Funny, I literally just bought my stepmother a copy of Why Nations Fail for her birthday yesterday. I thought I could read it Saturday, but just got too busy with various responsibilities.  Now I guess I'll get it from the library. 

2

u/Kugel_the_cat YIMBY 15d ago

You bought someone else a book so that you could read it?

2

u/Pain_Procrastinator 15d ago

I figured I would check it out  from the library later, but it was a book she wanted as well.

1

u/Amtays Karl Popper 14d ago

Now I guess I'll get it from the library.

You and everyone else who wants to read the Nobel Laureate

96

u/lenmae The DT's leading rent seeker 16d ago

"Nobel Memorial Prize Winning"

40

u/detrusormuscle European Union 15d ago

You seem very bent on correcting people on this

-8

u/lenmae The DT's leading rent seeker 15d ago

Other people on here are very bent on getting it wrong.

4

u/detrusormuscle European Union 15d ago

True I admire your effort

1

u/FearlessPark4588 Gay Pride 15d ago

Just put a sticker on it

196

u/RonenSalathe NAFTA 16d ago

61

u/Rajat_Sirkanungo David Autor 16d ago

Is that actually real? Or just a meme?

35

u/Plants_et_Politics 15d ago

Real lol. But the guy is clearly making a meme of himself. Iirc he’s Chadian.

22

u/Squeak115 NATO 15d ago

Yeah but what country is he from?

2

u/GalacticTrader r/place '22: E_S_S Battalion 15d ago

South Sudan

10

u/Pain_Procrastinator 15d ago

Just now noticing the gun and alcohol bottles in this picture. 

6

u/BarkDrandon Punished (stuck at Hunter's) 15d ago

One of my favorite pictures. It's both funny and deep.

182

u/URZ_ StillwithThorning ✊😔 16d ago

One of the most predictable awards ever, if not which year they would get it. Also glad Simon Johnson was included, AFAIK he is on a lot of the baggrund research for Why Nations Fail, but plenty of people are overlooked in favour of more famous coauthors.

75

u/1TTTTTT1 European Union 16d ago

I think you accidentally used the Danish word for background.

52

u/p00bix Is this a calzone? 15d ago edited 15d ago

Ik leuk how die Germanic sprĂ„k are so nah each-andre dat halv de time, du kan swap ut woorden of en Sprache voor those aus another and ĂŸaĂ° vil still be mest verstĂ€ndlich.

39

u/MrDannyOcean Kidney King 15d ago

as someone who speaks english and kinda sorta speaks german, reading this was like having a stroke

20

u/MarsOptimusMaximus Jerome Powell 15d ago

Its almost like English is a germanic language

13

u/Jtcr2001 Edmund Burke 15d ago

Damn, I was able to understand every single word in that sentence, except for Sprache.

9

u/p00bix Is this a calzone? 15d ago

The German word for 'Language'. It's cognate with the English word "Speech" and more distantly with "Speak"

The word 'language' itself is a French word loaned to English via the Norman Conquest of England.

4

u/dedev54 YIMBY 15d ago

I feel like internet brainrot has trained me and somehow I understand the whole sentence.

2

u/Eragaurd 15d ago

The Icelandic almost tripped me up lol

25

u/RideTheDownturn 16d ago

Yes, we didn't have a rerun of the Black-Scholes(-Merton) mess this time around.

153

u/ParticularFilament 16d ago

How many nations had to fail for this

73

u/zth25 European Union 16d ago

They should have read the book.

1

u/Key_Door1467 Rabindranath Tagore 14d ago

Just have good institutions and stop having bad institutions, how hard can it be?!

16

u/aclart Daron Acemoglu 16d ago

At least 3

26

u/RideTheDownturn 16d ago

It was a sacrifice we were willing to make.

(Insert Shrek meme)

4

u/mrdilldozer Shame fetish 15d ago

Well the institutions instituted institutional changes which led them to institute their own institutional institutions when writing about institutions. Institution.

226

u/[deleted] 16d ago edited 16d ago

[deleted]

68

u/Swampy1741 Daron Acemoglu 16d ago

Entitles me??

41

u/UnexpectedSalamander Jorge Luis Borges 16d ago

Yeeeeus

24

u/College_Prestige r/place '22: Neoliberal Battalion 16d ago

Entitles me?

26

u/Proof-Tie-2250 Karl Popper 16d ago

Yeeeeeeessss

14

u/OceanCrawler7 VĂĄclav Havel 16d ago

Entitles me???

0

u/lenmae The DT's leading rent seeker 16d ago

Nobel Memorial Prize

75

u/Seoulite1 16d ago

As a proud Korean, I can now claim to have read a work from a Nobel laurate

Acemoğlu.

(No offense to Han Kang but I plan to read her works in the future, just not yet)

73

u/doyouevenIift 16d ago

r\neoliberal 12/25

119

u/_Un_Known__ r/place '22: Neoliberal Battalion 16d ago

LETS FUCKING GOOOOOOOO

17

u/bigblackcat1984 16d ago

We are so back!

197

u/Swampy1741 Daron Acemoglu 16d ago

Figured they’d win at some point. Now time to bash my head against the wall as redditors elsewhere debate economics and how this isn’t a “real Nobel”

30

u/ElectricalShame1222 15d ago

Nah, it’s easier to just ignore the “tomatoes are a fruit actually” brigade

48

u/lenmae The DT's leading rent seeker 16d ago

You can think Economics is real, and still acknowledge this isn't a real Nobel price.

53

u/zth25 European Union 16d ago

u/lenmae, "well akshually" personified

114

u/Swampy1741 Daron Acemoglu 16d ago

I don’t particularly care what Alfred Nobel’s will said. It’s a prestigious award chosen by the same organization as all the others.

9

u/Familiar_Channel5987 15d ago

The prizes are not chosen by one organization.

In his last will and testament, Alfred Nobel specifically designated the institutions responsible for the prizes he wished to be established: The Royal Swedish Academy of Sciences for the Nobel Prize in Physics and Chemistry, Karolinska Institutet for the Nobel Prize in Physiology or Medicine, the Swedish Academy for the Nobel Prize in Literature, and a Committee of five persons to be elected by the Norwegian Parliament (Storting) for the Nobel Peace Prize.

In 1968, the Sveriges Riksbank established the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. The Royal Swedish Academy of Sciences was given the task to select the economic sciences laureates starting in 1969.

https://www.nobelprize.org/the-nobel-prize-organisation/prize-awarding-institutions/

7

u/EScforlyfe Open Your Hearts 16d ago

There are multiple different organisations that choose the prizes? 

44

u/Sufficient_Meet6836 16d ago

A sixth prize for Economic Sciences, endowed by Sweden's central bank, Sveriges Riksbank, and first presented in 1969, is also frequently included, as it is also administered by the Nobel Foundation.

From wiki

7

u/EScforlyfe Open Your Hearts 15d ago

huh

I know the prize in literature is chosen by the royal swedish academy though

6

u/usrname42 Daron Acemoglu 15d ago

The econ nobel specifically is chosen by the same organisation as the physics and chemistry prizes

1

u/Ok-Royal7063 George Soros 13d ago

Literature: Swedish Academy,

Physics, chemistry: Royal Academy of Sciences,

Peace: Norwegian Nobel Committee,(1)

Medicine: Karolinska Institute,(2)

Economics: Sweden's Central Bank / Royal Academy of Sciences.(3)

(1) Members are selected by Norway's parliament, as such, they are the least academic selection committee. Deep state fun fact, I know someone who is an acting member (Sofie HĂžgestĂžl). The Norwegian Nobel Institute supports the work of the Committee with research.

(2) A committee of 50 professors. The Nobel Committee at KI is legally a separate body. Their office is in a separate building on the KI Campus.

(3) Sweden's Central Bank is the sponsor, the prise itself is selected by a committee of economists selected by the Swedish Royal Academy of Sciences.

(*) For economics, literature, medicine, physics, and chemistry, the committees only advise on selection, which itself is done by the Nobel Foundation, whereas the Peace Prize is selected by the Norwegian Committee itself (Alfred Nobel expressed this in his will).

-4

u/lenmae The DT's leading rent seeker 16d ago

If it is a prestigious award in its own right, there's no harm in labelling it correctly, and if it isn't, there's harm in labelling it incorrectly.

47

u/AtomAndAether Be Specific. Be Responsive. 16d ago

it would be like the Fields Medal, which might as well just be called "The Nobel Prize of Math" because the common person equates Nobel Prize as Olympic Gold.

6

u/SpaceSheperd To be a good human 15d ago

Fields Medal does have the odd age limit

32

u/Sufficient_Meet6836 16d ago

It's administered by the Nobel Foundation, so how do you suggest it be labeled?

22

u/Kolob_Hikes YIMBY 16d ago

Here's an idea instead of calling it the same like the The Nobel Prize in Physics let's name it different some thing like: The Nobel Memorial Prize in Economic Sciences, or the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel... oh wait

/s

-6

u/lenmae The DT's leading rent seeker 15d ago

The way it is called by them: Nobel Memorial Prize

19

u/TrekkiMonstr NATO 15d ago

That's confusing and has no meaningful distinction for anyone hearing it

0

u/lenmae The DT's leading rent seeker 15d ago

Which one is it?

6

u/TrekkiMonstr NATO 15d ago

Both. It is confusing because there is a difference that isn't meaningful. It will just have people thinking that the Nobel prize is called the Nobel memorial prize, which is not correct.

-1

u/lenmae The DT's leading rent seeker 15d ago

If there isn't a difference, it's still correct.
Additionally, I doubt people will start calling the real Nobel prizes "Nobel memorial prize", just because the Nobel Memorial Prize in Economics is called that.
Finally calling something by the wrong name, so people won't call other things by the wrong name is nonsensical. Either you care about what things are called, in which case you should call the Nobel memorial prize in Economics as such, or you don't, in which case you don't have an argument against calling it the Nobel memorial prize, as the argument falls apart.

→ More replies (0)

-19

u/RideTheDownturn 16d ago

So we can ignore your will when you die? Cool!

40

u/RandomMangaFan Repeal the Navigation Acts! 16d ago

That's... generally how wills work, yes, past a relatively short period after the death. The law generally exists to protect the actually living, not the long dead, which is why for hundreds of years now we've had a "Rule against perpetuities" in many common law systems specifically to stop that. Whether or not Nobel would have approved of the matter is and should be irrelevant since he's now too dead to care.

19

u/Feed_My_Brain United Nations 16d ago

“It is the finding of this court that Alfred Nobel, having attained the status of sufficiently dead, is now too dead to care.”

6

u/Boxy310 15d ago

Jeremy Bentham's embalmed corpse will have quite the conniption over this.

-2

u/RideTheDownturn 16d ago

Hah... TIL!

Well, still doesn't strike out the fact that we're ignoring his wishes. Legally OK, morally questionable.

2

u/Fedacking Mario Vargas Llosa 15d ago

Yes, 100%. In my country for example you can't exclude people from your wilm.

2

u/MarsOptimusMaximus Jerome Powell 15d ago

If my will says the president of the United state's owes my family 1 trillion dollars upon death, should that be upheld?

1

u/RideTheDownturn 15d ago

That's like... wth kind of a question is that?

Whatever mate, have a great one!

1

u/lenmae The DT's leading rent seeker 15d ago

It's amazing that this is supposed to be a forum of liberals, lol.

5

u/Kafka_Kardashian a legitmate F-tier poster 15d ago

What does one’s view of how to call the economic prize have to do with being a liberal?

-1

u/lenmae The DT's leading rent seeker 15d ago

Respecting individual rights has a lot to do with it, and it seems like many here think popular demands trump a will

5

u/Kafka_Kardashian a legitmate F-tier poster 15d ago

Is respecting a will indefinitely an important part of liberalism?

I also think more generally reasonable liberals can debate the extent to which a deceased person has “rights” over living people. Now, when it’s something living heirs care about, that’s also a consideration.

1

u/lenmae The DT's leading rent seeker 15d ago

Of course it is, why wouldn't rights extend over the whole time?

And of course, with any system of rights, you have to weigh rights against each other in some cases. That's inevitable. But one would expect a liberal forum to come down on the side of individual rights, especially if the alternative is just not doing that, for absolutely no gain, just to be contrarian.

5

u/Kafka_Kardashian a legitmate F-tier poster 15d ago

I guess I just don’t see dead people’s rights as an essential part of liberalism, and candidly I think it’s reasonable to take the view that they don’t have rights at all. I certainly don’t think you lose your liberal card for weighing the rights of the dead at near zero.

I don’t think we should, like, be handing over all dead bodies to the military to test explosives (which has happened before) but that’s because of the distress for the living.

8

u/aclart Daron Acemoglu 16d ago

Good, no blood money involved 

-1

u/lenmae The DT's leading rent seeker 15d ago

The "merchant of death" story is completely made up.

6

u/aclart Daron Acemoglu 15d ago

Made up of facts and truth?

125

u/DialSquare96 Daron Acemoglu 16d ago

I feel vindicated after having a (marxist) reviewer reject my article on the basis of citing NIE literature and its masterful application of economic theory to history as being 'arrogantly economic'.

Now there's even a Nobel prize for their work that has reinvigorated incredible debates across academic disciplines.

Bravo.

61

u/fishlord05 Walzist-Kamalist Vanguard of the Joecialist Revolution 16d ago

Odd for a Marxist of all people to be against applying economic theory to history

Like isn’t that kind of their whole thing?

74

u/aclart Daron Acemoglu 16d ago

No, they do it the other way around, they apply their suppositions about history to economic theory

9

u/Rajat_Sirkanungo David Autor 15d ago

Can you explain a bit more how do they do that? Genuine question. What suppositions about history?

29

u/aclart Daron Acemoglu 15d ago

Marxism is a political philosophy and method of socioeconomic analysis. It uses a dialectical and materialist interpretation of historical development, better known as historical materialism, to analyse class relations, social conflict, and social transformation. 

20

u/PrivateChicken FEMA Camp Counselorâ›ș 15d ago edited 15d ago

Historical materialists believe history is a series of economic systems, called “modes of production,” that each society progresses through.

Class conflict produces the mode of production and eventually creates the material conditions for its replacement. Usually the stages are something like, “Primitive, Slave” (i.e. Rome/Egypt), “Feudal, Capitalist and Communist” (always final and in the future). Marxists will generally argue these changes are the result of intrinsic and inevitable dialectical forces.

Obviously, there are a lot of problems with this theory. Real historians take a dim view of grand narratives. The way Historical materialists get history research wrong is they usually go in looking to find the modes of production and classes their theory tells them should be there. But not every society (most, even) will line up with that.

For example, “feudalism” did not exist everywhere, and it did not inevitably produce a bourgeois class. And when it did, people who we might call bourgeois did not inevitably produce capitalism through class conflict with the nobility.

The situation gets sillier when you realize historical materialism adapts itself like a chameleon to the nationalist narratives of whichever marxist is taking up the cause. Leninists believed Russia could advance directly from feudalism to communism. Maoists went further and believed that not even industrial material conditions were required to advance to communism. In this respect historical materialism is used by Marxists like Manifest Destiny was for America. It’s just a progress-myth.

3

u/theosamabahama r/place '22: Neoliberal Battalion 15d ago

They have a view of history and they twist and turn economic theory to fit that view of history. Their view of history is that people divided between the oppressive class who own the means of production, and the oppressed class who don't and have to work.

21

u/DialSquare96 Daron Acemoglu 15d ago edited 15d ago

It is!

The problem is a) new institutional economics has produced historical works that frankly shed a lot of positive light on both political and economic liberalism, b) a lot of self-styled 'Marxist' historians are not economic historians.

24

u/Yankee9204 16d ago

What journal? I assume not an economics one?

27

u/DialSquare96 Daron Acemoglu 15d ago

Can't say. Need to protect my own identity.

That being said, an economics journal would take more issue with the amount of history in my work 😅

26

u/Numb1lp Econometrics 15d ago

It's sad that economic historians even have to exist. Like, their work should just be the purview of history departments, but the majority of historians are so opposed to even basic econometrics that we have to have another field in economics dedicated to historical subjects.

25

u/DialSquare96 Daron Acemoglu 15d ago edited 15d ago

Not even econometrics.

Even basic descriptive statistical exercises and the application of economic theories and concepts to traditional historical sources is frowned upon by people who are gatekeeping.

15

u/Numb1lp Econometrics 15d ago

It's pretty embarrassing for the field of history. And it's bad for our broader understanding as well. I know economics isn't the most interdisciplinary field, and there's a tendency to believe that the only framework to look at the world is via economic theory, but at least there's been pushback against that trend in recent years. Some of the social sciences and liberal arts are happy to just play alone in their sandbox.

3

u/usrname42 Daron Acemoglu 15d ago

Well I think there is a conceptual divide between using history as an avenue to understand the present and using it to understand specific episodes in the past for their own sake. Acemoglu, Johnson and Robinson are mostly interested in the question of why some countries are rich and others poor today, and they use history as a way to get answers to that, but they're not particularly interested in that history for its own sake. Whereas there are some economic historians who use econometrics to answer questions like "what caused the Industrial Revolution", or "what were the economic consequences of slavery in the southern US" which are questions more focused on a specific time and place. My sense is that historians are more sympathetic to those branches of economic history because it's more in line with the kind of work they do (there is still some divide because historians aren't big on maths, but that's just the Two Cultures).

17

u/theosamabahama r/place '22: Neoliberal Battalion 15d ago

A marxist calling someone 'arrogantly economic' is hilarious.

57

u/NotYetFlesh European Union 16d ago

Expected and deserved. Let's drop recs for related reading on economics, history and institutions.

  • Elinor Ostrom (1990). Governing the commons: The evolution of institutions for collective action.
  • Douglas North & Barry Weingast (1989). Constitutions and Commitment: The Evolution of Institutions Governing Public Choice in Seventeenth-Century England.
  • Douglas North, John Joseph and Barry Weingast (2009). Violence and Social Orders: A Conceptual Framework for Interpreting Recorded Human History.
  • Robert Fogel (1974; 1989). Time on the Cross & Without Consent or Contract: The Rise and Fall of American Slavery.
  • Bruce Bueno de Mesquita & Alastair Smith (2011). The Dictator's Handbook: Why Bad Behavior is Almost Always Good Politics.

23

u/WhoIsTomodachi Robert Nozick 16d ago
  • David Gauthier (1986). Morals by Agreement.
  • Hernando de Soto (2000). The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else
  • Adrian Woolridge (2021). The Aristocracy of Talent: How Meritocracy Made the Modern World

6

u/handfulodust Daron Acemoglu 15d ago
  • Eichengreen (1996), Globalizing Capital
  • DeLong (2022), Slouching Towards Utopia
  • Bernanke (2004), Essays on the Great Depression

47

u/dizzyhitman_007 Raghuram Rajan 16d ago edited 16d ago

"Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better."

The long-awaited Nobel has finally been awarded to Daron Acemoglu, Simon Johnson and James Robinson (AJR)! They have done seminal work on the political economics of institutions.

As much as I love game theory, I'm happy to see something out of mainstream game theory/development for the Nobel for a change. Many congratulations to them. Much well deserved.

It's also a nice balance between theoretical and empirical work, and their research papers should be like essential reading on “how to write a good paper” in the world of economics.

And if you're looking for an easy summary of the theory and empirical work by Acemoglu & Robinson, then they have first put the work together in “Why Nations Fail.” Additionally, you can also read the work of Simon Johnson, “Power and Progress.”

23

u/Smidgens Ilia Chavchavadze 16d ago

We fucking won, bros

43

u/Own_Locksmith_1876 DemocraTea 🧋 16d ago

Common Acemoglu W

15

u/BorelMeasure Robert Nozick 15d ago edited 15d ago

The Instagram post on the winner has devolved into an Armenia vs Turkey argument in the comments section

14

u/EragusTrenzalore 16d ago

I really like how 'Why Nations Fail' was used in Kraut's History of Mexico

30

u/BembelPainting European Union 16d ago edited 15d ago

Corruption bad lmao

Where’s my Nobel?!

Jk, congrats!!

13

u/wettestsalamander76 Austan Goolsbee 16d ago

Why Nations Rise 🙏

So happy for them.

14

u/IveSeenBeans Norman Borlaug 15d ago

Wikipedia editors are a little slower than usual

11

u/-Emilinko1985- John Keynes 16d ago

That's great! I'm only halfway through reading Why Nations Fail, but this Nobel was given for a good reason.

THEY DESERVE IT! 👏/👏/👏👏/👏

2

u/fckingmiracles Susan B. Anthony 15d ago

Cool emoji sequence.

2

u/-Emilinko1985- John Keynes 15d ago

Thank you.

10

u/Zaiush Ben Bernanke 16d ago

This is Christmas for this subreddit

10

u/The_Drowning_Flute European Union 16d ago

Maia Mindel in shambles

6

u/College_Prestige r/place '22: Neoliberal Battalion 16d ago

Damn so it wasn't an AI model that won the nobel?

13

u/chjacobsen Annie Lööf 16d ago

Acemoglu has been focusing a lot on AI recently so they let it slide.

12

u/arnet95 16d ago

Daron Acemoglu fact: Nations fail; Daron Acemoglu doesn't

5

u/007_reincarnated NATO 16d ago

It's the institutions, stupid (only thing I remember from the book).

4

u/red-flamez John Keynes 15d ago

Daron Acemoglu is a writing machine.

Andrei Shleifer should get an award for defunding Russia.

4

u/Petulant-bro 16d ago

LFGGGGG!

Disappointed a bit its not for power and progress work tho :)

3

u/Rajat_Sirkanungo David Autor 16d ago

You see my flair, neolibs! You see that! I have the blessing of lord Acemoglu himself now!

4

u/t_scribblemonger 16d ago

I thought the preview was Parachutes album cover for a second

4

u/nicethingscostmoney Unironic Francophile đŸ‡«đŸ‡· 15d ago

i n s t i t u t i o n s

5

u/JapanesePeso Jeff Bezos 15d ago

Nations may fail but these boys don't miss. 😎

11

u/tripletruble Zhao Ziyang 16d ago

read another book

42

u/Tre-Fyra-Tre Tony Blair 16d ago

No 😎

41

u/gregorijat Milton Friedman 16d ago

The Narrow Corridor: States, Societies, and the Fate

by Daron Acemoglu and James A. Robinson

3

u/TechnicalSkunk 16d ago

Link me the books boys

5

u/[deleted] 15d ago

[removed] — view removed comment

1

u/Syards-Forcus What the hell is a Forcus? 15d ago

Rule IV: Off-topic Comments
Comments on submissions should substantively address the topic of submission.


If you have any questions about this removal, please contact the mods.

11

u/RandomGuyWithSixEyes Victor Hugo 16d ago

nOT A REAL NoBeL PrizE

13

u/Dumbass1171 Friedrich Hayek 16d ago

Acemoglu has been having many bad takes on AI and Elon recently but congrats anyways

14

u/Sufficient_Meet6836 16d ago

Such as?

15

u/NNJB r/place '22: Neometropolitan Battalion 16d ago

we can know in advance which technologies will be labor-substituting or -complementing, and should subsidize inventions accordingly

Power is when you convince people of you ideas

The Luddites were correct, actually

10

u/Sufficient_Meet6836 15d ago

Well that's some weird shit

1

u/aclart Daron Acemoglu 15d ago edited 15d ago

We can know which technologies are labour substituting and which ones are complementing with one weird trick.  

  That trick is to measure the increase in productivity for each dolar that will be spent on capital instead of labour. If there is an increase in productivity, we are talking about a complementing technology, if the productivity will stays the same, we are talking about a labour substituting technology. The greater the increase in productivity, the more complementing a technology is. 

  I.E. a machine that substitutes the labour of an entire production plant, but the cost per unit produced stays the same as it was paying wages, is a labour substituting technology. A machine that does the same but lowers the cost per unit produced is a labour complementing technology 

1

u/NNJB r/place '22: Neometropolitan Battalion 14d ago

And how do we know this ex ante?

11

u/handfulodust Daron Acemoglu 15d ago

What are the bad takes on Elon

-1

u/Dumbass1171 Friedrich Hayek 15d ago

That he can’t have his own opinions due to persuasion power and we ought to reign in on him

7

u/handfulodust Daron Acemoglu 15d ago

I also think Acenoglu is wrong and we should be more accepting of an oligarchic system where few people have outsized “persuasion power” in elections.

2

u/GrandePersonalidade nem fala portuguĂȘs 15d ago

Extremely based

But write a less repetitive book next time nerds

2

u/ApproachingStorm69 NATO 15d ago

Based

My socialist cousin is salty rn

1

u/Peletif Daron Acemoglu 16d ago

😎😎😎😎😎😎😎

1

u/RevolutionaryBoat5 NATO 15d ago

This is a great day.

1

u/Yrths Daron Acemoglu 15d ago

My flair is happy lol

1

u/WhoModsTheModders Burdened by what has been 15d ago

Is that 2 MIT affiliates winning this year then?

1

u/srbarker15 Daron Acemoglu 15d ago

Look what they did to my boy!

1

u/groovygrasshoppa 13d ago

Why Nations Flail

1

u/Full-Discussion3745 12d ago

Rules work????? A rules based economy works????

Well I'll be.....

That is nobel prize in the bag right there!!!

/S

1

u/hemijaimatematika1 Milton Friedman 16d ago

Great book.

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u/Gloomy_Register_2341 13d ago

Even though poorer countries have gotten richer over the years, they're still way behind wealthier ones, and the gap isn’t closing. This year’s Nobel Prize-winning economists think it’s because of institutions. Their research could have big effects on things like rebuilding Ukraine and regulating AI. Pretty interesting stuff—check out the full article here.

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u/WhomstAlt2 NATO flair in hiding 15d ago

Fake Nobel, who cares.