The three economists have demonstrated the importance of societal institutions for a country's prosperity, emphasizing how poor rule of law hinders sustainable growth.
Reducing the vast differences in income between countries is one of our time's greatest challenges, as articulated by Jakob Svensson, who praises the laureates' contributions to understanding economic success.
Acemoglu stated that their research suggests that democratic institutions play a significant role in promoting growth, although he cautions that democracy isn't a universal solution.
The laureates' research offers deeper insights into the foundational causes of economic disparities, as they strive to illuminate why certain nations fail or thrive.
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