Nobel insights for Pakistan’s revival

Stockholm: Academy of Sciences permanent secretary Hans Ellegren, Jakob Svensson and Jan Teorell of the Nobel Assembly at the Swedish Riksbank announce the award during a press meeting at the Royal Swedish Academy.—File Photo

This year, the Nobel Prize in Economics was awarded to three distinguished economists, Daron Acemoglu, Simon Johnson, and James Robinson, who emphasised the importance of societal institutions in a country’s prosperity.

In their magnum opus ‘Why Nations Fail —The Origins of Power...