Why Nations Fail: Institutions, Hayek, and Mises

why-nations-fail

In the book Why Nations Fail: The Origins of Power, Prosperity, and Poverty, American economists Daron Acemoglu and James A. Robinson contend stable institutions and political centralization are necessary conditions for economic prosperity and long-term social stability. Differentiating between “inclusive” and “extractive” philosophies, Acemoglu and Robinson maintain encompassing institutions stem educational and technological advancements, while […]