I'm from an underdeveloped country, and I'm in total agreement with this professor.

"It's society that collectively chooses, through a political process, the institutions that it has." It would be great if that were true, but, usually, It is the powerful who make that choice *for* society.

Thought-provoking insights and as current in 2022 as in 2017

Wonderful presentation and Explanation to explore

I agree on the value of institutions for economic development and do not understand the value of centralization. History has shown many examples for decentralized economies to withstand crises while evolving and adapting. The fundamental idea of a market driven society is to decentralize decisionmaking and power. I also do not know why in 4:20 people cant provide public goods if rich people can do so (4:35) The higher specialization of bigger markets provide greater wealth and excess capital for higher order public goods like currency. The bank of england has for example private ownership roots. The overall good quality can be improved by clearing those inconsistencies

What's the difference between a centralized state and concentrated power? How can you have a centralized state without concentrated power? Or a non-centralized state with concentrated power?

@benedictabawo5395

4 жыл бұрын

Hello, I was asking myself this question earlier this week and I came across an article on the Chinese economy. I'll post the link here.... I hope it helps oecd-development-matters.org/2018/04/04/normatively-weak-institutions-can-be-functionally-strong-a-surprising-lesson-from-china/

It is unbelievable a person with this level of understanding of history (who for example compare economic institution of the US with the Republic of Congo) have all of these titles! It's ridiculous. There is a benefit to deny colonialism and imperialism. We all know that professor!

@kesybaby5382

2 жыл бұрын

Thank you... I was thinking exactly the same thing!!!!!

my god 😮😮

this guy is better than krugman

@benjaminjohn675

6 жыл бұрын

most people are

@winstonsmith-ministryoftru1609

6 жыл бұрын

Who isn't?

@MrCabbott16

5 жыл бұрын

Best development economist in my opinion

What a simplified and biased view of ineffective economic institutions in poorer countries. Clearly 'western' countries have had no direct involvement and influence over other countries' politics, economy and culture. I wonder what will be said when places like iraq and afghanistan are unable to effectively manage their institutions. Wait... i just realized this video was posted in 2018... not too long after the great bailout in the US... very effective.

If we analyse the word democracy we shall found the power of the people. Power means authority. We believers believe that the god have the supreme authority all over the universe. So every states in the world is the part of universe. So democracy means the authority of almighty god directed by the people of a state. So the united states should remove secularism from their society as no society can survive in a democratic state as a secular. Besides united states need to be democratic union under washington state unless it will broke out.