Yoon Recommends 'Nobel Economics Prize-Winning Book' as Must-Read During Presidential Campaign

by Seo Sojeong

Published 14 Oct.2024 21:53(KST)

Why Nations Fail: Selected as a Life-Changing Book

[Image source=Yonhap News]

President Yoon Suk-yeol recommended the books of the economists who won this year's Nobel Prize in Economics as must-reads during his presidential campaign, the Blue House announced on the 14th.

This year's Nobel Prize in Economics was awarded to three professors: Daron Acemoglu, Simon Johnson, and James A. Robinson, for their contributions to the study of inequality between countries.

A Blue House official explained, "During his 2022 presidential campaign, President Yoon cited the book Why Nations Fail, co-authored by world-renowned scholars Professor Daron Acemoglu of the Massachusetts Institute of Technology (MIT) and Professor James A. Robinson of the University of Chicago, as one of the 'books of life or books he would recommend to young people.'"

In this book, the authors argue that for a nation to succeed economically, it must be supported by inclusive political and economic institutions.

On the 14th (local time), the Royal Swedish Academy of Sciences announced that it awarded the Nobel Prize in Economics to them in recognition of their "research on how institutions are formed and how they affect (economic) prosperity."