Daron Acemoğlu Quote
Without the changes in political institutions and political power similar to those that emerged in England after 1688, there was little chance for absolutist countries to benefit from the innovations and new technologies of the Industrial Revolution. In Spain, for example, the lack of secure property rights and the widespread economic decline meant that people simply did not have the incentive to make the necessary investments and sacrifices. In Russia and Austria-Hungary, it wasn’t simply the neglect and mismanagement of the elites and the insidious economic slide under extractive institutions that prevented industrialization; instead, the rulers actively blocked any attempt to introduce these technologies and basic investments in infrastructure such as railroads that could have acted as their conduits. At
Without the changes in political institutions and political power similar to those that emerged in England after 1688, there was little chance for absolutist countries to benefit from the innovations and new technologies of the Industrial Revolution. In Spain, for example, the lack of secure property rights and the widespread economic decline meant that people simply did not have the incentive to make the necessary investments and sacrifices. In Russia and Austria-Hungary, it wasn’t simply the neglect and mismanagement of the elites and the insidious economic slide under extractive institutions that prevented industrialization; instead, the rulers actively blocked any attempt to introduce these technologies and basic investments in infrastructure such as railroads that could have acted as their conduits. At
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About Daron Acemoğlu
Acemoglu ranked third, behind Paul Krugman and Greg Mankiw, in the list of "Favorite Living Economists Under Age 60" in a 2011 survey among American economists. In 2015, he was named the most cited economist of the past 10 years per Research Papers in Economics (RePEc) data. According to the Open Syllabus Project, Acemoglu is the third most frequently cited author on college syllabi for economics courses after Mankiw and Krugman.