When I first read the “Colonial Origins of Comparative Development,” (COCD) by Daron Acemoglu, Simon Johnson and James Robinson (AJR) more than 20 years ago, I was smitten. So much so that I told several colleagues at the International Monetary Fund that the paper would one day win the Nobel Prize. I say this not to trumpet my predictive abilities (mostly poor) but to illustrate that Keatsian sense of being awestruck: “Then felt I like some watcher of the skies, When a new planet swims into his ken.”
At that time, pioneered by Robert Barro, an entire sub-discipline of economics was striving to explain the differential economic growth performance of countries in the post-World War II period. Around that time too, Jared Diamond had produced his tome, “Guns, Germs and Steel”—breathtakingly magisterial and multi-disciplinary in method—and yet able to advance a mono-causal explanation for the most fundamental development question: Why are some countries rich and others poor? Diamond’s answer was: It’s all about geography.
COCD came along to offer a counter-explanation, but did so differently. COCD drew upon history, unearthed imaginative historical data, deployed it in a simple, comparative and quantitative, economic setting and produced an answer that was striking and plausible. It is hard to convey how audaciously creative and parsimonious COCD was in that combination of setting, method, data and narrative.
Denne historien er fra October 16, 2024-utgaven av Business Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra October 16, 2024-utgaven av Business Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Concor's growth route shifts as demand dips
Weak exim volumes, competitive pressures add to logistics firm's demand woes
Benchmarks fall as IT, auto shares retreat
Benchmark indices declined for the second day. The Sensex fell 318.76 point or 0.39 per cent to settle at 81,501.36 while the Nifty dipped 86.05 point or 0.34 per cent to close at 24,971.30 on Wednesday.
Global fund managers pare India allocation: BofA
Global fund managers increased their allocation to China at India's expense after Asia's largest economy unleashed a stimulus package, according to a survey conducted by BofA Securities.
Quant MF scoops up nearly half of AEL's ₹4.2K cr QIP
Subscribes 6.66 mn shares at ₹2,962 apiece
MF licence aspirant list swells with new wave of AMCs ready to roll
New applications serve as launchpad for diversifying business and expanding capital market reach
' 'Kutty Japan' faces crackle of fireworks, barium bans
Impressed by its industrial vibrancy, former prime minister Jawaharlal Nehru affectionately referred to this small city in Tamil Nadu as 'Kutty Japan' (Kutty means 'mini' in Tamil). Now, in 2024, Nehru's Kutty Japan, popularly known as Sivakasi, still contributes to over 85 per cent of the fireworks made in the country, lighting up the festive colours of every city and village in India.
Agencies actively pursuing bomb threat cases: Minister
Law enforcement agencies are actively pursuing all cases of bomb threats against airlines and the government is closely monitoring the situation, Civil Aviation Minister K Rammohan Naidu said on Wednesday.
Amazon Prime Video to introduce ads next year
Amazon's streaming platform Prime Video will include advertisements in shows and films for Indian viewers starting next year.
Why language needs more than a tag
Earlier this month, the Union Cabinet granted classical language status to Marathi, Pali, Prakrit, Assamese, and Bengali. With Tamil (2004), Sanskrit (2005), Telugu (2008), Kannada (2008), Malayalam (2013), and Odia (2014) already designated as classical languages, this brings the total to 11.
I'm back: Omar Abdullah takes charge as J&K CM
5 ministers take oath, including Dy CM from Jammu region and 1 Independent