[In This Economy] Why the Philippines failed

I love the Nobel Prize season every October. It gives me a chance to geek out on economics among friends and in this column.

Last October 14, the Nobel Memorial Prize in Economics was awarded to three exemplary economists — Daron Acemoglu, Simon Johnson, and James Robinson — who have dedicated their scholarly lives to study institutions and why they matter for long-run economic development.

Their winning the Nobel Prize is hardly surprising. Many economists have long thought this was just a matter of time.