Does the 2024 Nobel Memorial Prize in Economic Sciences Research on Institutions’ Role in Economic Prosperity Apply to China?

The 2024 Nobel Memorial Prize in Economic Sciences was awarded to James A. Robinson, Daron Acemoglu, and Simon Johnson for their groundbreaking work on the role of institutions in driving economic prosperity. Their research highlights how inclusive political and economic institutions foster sustained development and reduce inequality. This project explores the applicability of their institutional theory to China, a country that has experienced rapid economic growth under its own unique political and economic framework.

Key Questions:

• How do the core principles of Robinson, Acemoglu, and Johnson’s research align with China’s economic development model?
• To what extent has China’s unique institutional structure contributed to its economic rise?
• Can China’s experience be explained through the framework of inclusive versus extractive institutions?
• What lessons can global policymakers draw from comparing China’s development with the researchers’ findings?
• Are there signs that China’s institutional model is sustainable for long-term economic prosperity?
• How does Hong Kong fit into the theoretical framework, and will China’s institutional model apply, or will a hybrid model be adopted?

Approach:

Students will employ a comparative analysis approach, using China as a case study within the theoretical framework developed by the Nobel-winning economists. Key methods include reviewing academic literature, conducting policy analysis, and examining economic and governance indicators. Interviews with economists, political scientists, and policy experts should supplement the analysis.

The final report will assess whether China represents a challenge or validation of the Nobel Prize-winning research, providing nuanced policy insights into the evolving relationship between institutions and economic development.

Essential and Preferred Skills:

Students from a wide range of academic backgrounds, including economics, political science, international relations, and public policy, are encouraged to apply. This project is ideal for those interested in global development, policy analysis, and comparative political economy, particularly within the context of China’s economic and governance model.