Why Is Africa Poor? Economic Development in the Light of Research by This Year's Nobel Prize Winn...
This year's Nobel Prize in Economics was awarded to Daron Acemoglu, Simon Johnson, and James A. Robinson for discoveries that are changing our perspective on economic development. Institutions—social, political, and economic—are key to the success of nations. Why have some countries, like Poland, managed to overcome difficult histories and achieve transformation, while others, like Argentina, once wealthy, continue to struggle with high levels of poverty? Africa, the world's poorest continent, where extreme poverty reaches 35.5%, demonstrates the devastating impact of weak institutions. During this lecture, we will explore how institutions can drive innovation, growth, and prosperity, and what hinders development. We will examine how these mechanisms operate globally, but also in Poland and Central and Eastern Europe.
Dr. Piotr Arak is an assistant professor at the Faculty of Economic Sciences at the University of Warsaw. He is the chief economist at VeloBank.
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