Why Nations Prosper or Fail

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In their 2012 book, Why Nations Fail, Acemoglu and Robinson argue that economic growth at the forefront of technology requires political stability, which the Mayan civilization (to name only one) did not have, and creative destruction. Schöpferische Zerstörung is a concept in economics that describes a process in which new innovations replace and make obsolete older innovations. Adaptive upgrading cannot occur without institutional restraints on the granting of monopoly and oligopoly rights. They say that the Industrial Revolution began in Great Britain, because the English Bill of Rights 1689 created such restraints.

In 2024, Kamer Daron Acemoğlu, jointly with James A. Robinson and Simon Johnson, were awarded the Nobel Memorial Prize in Economic Sciences for their comparative studies in prosperity between nations. The trio was recognized for their studies on how political and economic institutions impact a nation's development, highlighting the distinction between inclusive institutions, which promote widespread economic participation and growth, and extractive institutions, which concentrate power and wealth in the hands of a few. Acemoglu became the second ethnic Armenian (after Ardem Patapoutian) and third Turkish national (after Orhan Pamuk and Aziz Sancar) to become a Nobel laureate.