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Economists receive 2024 Nobel for work on institutions and economic prosperity

Summary by Reason Foundation
Economists have long been fascinated by questions of what institutions, from government laws to societal customs, are most conducive to prosperity. However, to many, it was unclear how the boom in empirical data-driven research enabled by computing technology would address these questions. Ideas about history, individual freedom, and colonial legacy—of great importance when studying institutions—can be hard to quantify and analyze with an econom…
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