Essays on Daron

Why Nations Faillooks to the past as well as today’s world in order to answer the age old question of why some nations prosper while others fail. Historically some countries’ citizens are considered wealthy, their nations in rich material goods, education and freedoms while and others are perceived a generally poor, or divided by lines of wealth and poverty. It is obvious by looking at more universal factors of culture, weather, and geography that countries with similar external and internal factors can enjoy, or suffer different circumstances. North and South Korea and East and West Germany are evidence ...

Sociology refers to the study of people living in groups as well as any other form of social formation that has been organized in a systematic manner. According to the Complete A-Z Sociology handbook, sociology as a study provides a clear picture into the functioning of society. The study focuses on the human social life and the mannerisms of humans in groups. The study also focuses on the rules that govern these social set ups which are factors that bind and separate the humans at both the individual level as well as at a global level (Johnson, p.15, 1966).

Sociological imagination is a fundamental ...

Summary of Acemoglu’s video

In this video, economist Daron Acemoglu explains why nations fail economically. He singles out “extractive” political institutions as the biggest impediment to a nation’s economic prosperity. Acemoglu defines “extractive” political institutions as those that place power in the hands of a few individuals. This scenario features unfair regulations and high market-entry barriers. These factors conjure to enrich a clique in the society, while inhibiting economic progress for the majority of the people (Acemoglu). He contrasts this with governments that have expanded democratic space by protecting property rights. Nations with such political institutions encourage entrepreneurship from their citizenry as well as attract ...