Daron Acemoglu facts for kids
Quick facts for kids
Daron Acemoglu
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Acemoglu in 2016
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| Born |
Kamer Daron Acemoğlu
September 3, 1967 Istanbul, Turkey
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| Citizenship | Turkey and United States |
| Spouse(s) | Asu Ozdaglar |
| Institution |
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| Field | Political economy Economic growth Development economics Labour economics |
| School or tradition |
New institutional economics |
| Doctoral advisor |
Kevin W. S. Roberts |
| Doctoral students |
Robert Shimer • Mark Aguiar • Pol Antràs • Gabriel Carroll • Melissa Dell • Benjamin Jones • Ufuk Akcigit |
| Influences | Joel Mokyr • Kenneth Sokoloff • Douglass North • Seymour Martin Lipset • Barrington Moore |
| Awards |
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| Information at IDEAS / RePEc | |
Kamer Daron Acemoğlu (born September 3, 1967) is a famous Turkish-American economist. He has taught at the Massachusetts Institute of Technology (MIT) since 1993. In 2019, he became an Institute Professor, which is the highest honor for a professor at MIT.
Acemoglu is well-known in the world of economics. In 2015, he was named the most cited economist of the past 10 years. This means his work was referenced by other economists more than anyone else's. He also won the John Bates Clark Medal in 2005. In 2024, he received the Nobel Prize in Economics. He shared this award with James A. Robinson and Simon Johnson. They were recognized for their studies on why some countries become rich and others stay poor.
About Daron Acemoglu
Early Life and Education
Daron Acemoğlu was born in Istanbul, Turkey, on September 3, 1967. His parents were Armenian. His father was a lawyer and lecturer. His mother was a school principal. Daron went to an Armenian elementary school and then to Galatasaray High School. He became interested in politics and economics when he was a teenager.
He studied economics at the University of York in England. He earned his bachelor's degree in 1989. Then, he went to the London School of Economics (LSE). There, he received his master's degree in 1990 and his PhD in economics in 1992. He was only 25 when he got his PhD, which is very young for such a high degree.
Acemoğlu is now a citizen of the United States. He speaks English and Turkish fluently. He is married to Asuman "Asu" Ozdağlar, who is also a professor at MIT. They have two sons and live in Newton, Massachusetts.
Academic Journey
Acemoğlu started teaching economics at the London School of Economics in 1992. In 1993, he moved to MIT as an assistant professor. He quickly moved up the ranks, becoming a full professor in 2000. In 2010, he was named the Elizabeth and James Killian Professor of Economics. This is a very important position at MIT. In 2019, he received the highest faculty honor at MIT, becoming an Institute Professor.
He has guided more than 60 PhD students. He is also a research associate at the National Bureau of Economic Research. He has been elected to important academic groups like the American Academy of Arts and Sciences. From 2011 to 2015, he was an editor for Econometrica, a top economics journal.
Acemoğlu has written hundreds of academic papers. He says that most of his research tries to understand why some countries are poor. His work covers many topics, including how politics and economics are connected. He also studies economic growth, how people learn skills, and how different parts of the economy work together.
He often works with James A. Robinson, a British political scientist. They have written many articles and books together. They also work with economist Simon Johnson.
Key Ideas and Books
Acemoğlu is known for his work on how institutions affect a country's success. Institutions are the rules, laws, and customs that shape how a society works.
Understanding Societies and Economies
Economic Origins of Dictatorship and Democracy
In this 2006 book, Acemoğlu and Robinson look at how democratic societies are formed and kept strong. They argue that democracy lasts when powerful people don't have a strong reason to get rid of it. This depends on things like how strong the people's voice is, how political systems are set up, and how fair the economy is.
Why Nations Fail
Their 2012 book, Why Nations Fail, is for a general audience. It explains why some countries become rich and others stay poor. Acemoğlu and Robinson say that the main reason is a country's political and economic institutions.
They argue that successful countries have "inclusive institutions." These institutions allow many people to take part in the economy and politics. They protect individual rights and encourage new ideas. For example, the Industrial Revolution started in Great Britain because its laws protected inventors and businesses.
On the other hand, "extractive institutions" are found in poor countries. These institutions concentrate power and wealth in the hands of a small group. They don't encourage new ideas or widespread participation. This makes it hard for a country to grow and innovate over time.
The authors believe that culture, weather, or geography are not the main reasons for a country's wealth. They say that the rules of the game (institutions) are what truly matter.
The Narrow Corridor
In this 2019 book, Acemoğlu and Robinson explore how societies can achieve freedom. They suggest that a free society exists when the government's power and the people's power are balanced. Neither side should be too strong or too weak.
Power and Progress
Published in 2023, this book by Acemoğlu and Simon Johnson looks at how technology has changed societies throughout history. They ask if new technologies always benefit everyone.
They argue that technology doesn't automatically make society better. Sometimes, the benefits go to only a few powerful people. They are careful about artificial intelligence (AI). They suggest AI might negatively affect jobs and wages. The book also offers ideas on how to make technology work for the good of all people.
Important Research Papers
Acemoğlu has written many influential papers.
Democracy and Economy
In one paper, Acemoğlu and his co-authors found that democracy helps a country's economy. They showed that when a country becomes more democratic, its GDP (Gross Domestic Product, a measure of economic output) tends to increase significantly over time.
Colonialism's Impact
One of his most famous papers, "The Colonial Origins of Comparative Development" (2001), was written with Robinson and Johnson. They argue that European colonizers set up different types of institutions. In places where Europeans settled in large numbers, they created institutions that protected property rights and encouraged investment. These places tend to be richer today. In contrast, in places where Europeans did not settle much, they set up "extractive" institutions. These were designed to take resources out of the colony. These places often struggle economically even now.
Daron Acemoglu's Views
Acemoğlu is often seen as a centrist economist. This means his ideas are usually in the middle, not too far left or right.
On Markets and Inequality
Acemoğlu believes that a market economy is the best way to create wealth. However, he stresses that markets need rules and laws to work well. He says that all markets are regulated to some extent. It's about finding the right balance between encouraging new ideas and making sure everyone has a fair chance.
He is concerned about the growing gap between rich and poor in the US. He thinks that too much economic inequality can lead to political inequality. This means that very rich people might have too much power in government. He believes that society should focus on increasing social mobility. This means making it easier for people from all backgrounds to succeed.
On Technology and Society
Acemoğlu has expressed concerns about the direction of technology, especially AI. He believes that technology should be guided to benefit society as a whole, not just a small group. He suggests policies like changing tax rules and investing in workers to make sure technology creates good jobs and opportunities for everyone.
On Different Countries
- Turkey: Acemoğlu has criticized the Turkish government for becoming more authoritarian. He believes that Turkey's economic and political problems are linked to its institutions.
- Armenia: He has also commented on Armenia's economy and politics. He believes that Armenia's main challenges are political, not geographic. He has urged the Armenian government to be more open and responsive to its citizens.
- China: He thinks China has grown quickly by using existing technologies. But he believes that for China to keep growing and innovate, its political system needs to become more open.
Awards and Recognition
Daron Acemoğlu is one of the most respected economists in the world. His work has been cited by other researchers hundreds of thousands of times.
Major Awards
- John Bates Clark Medal (2005): This award is given to an American economist under 40 who has made a significant contribution to economic thought and knowledge.
- Erwin Plein Nemmers Prize in Economics (2012): This prize recognizes economists for their important work on political institutions, technology, and economic growth.
- BBVA Foundation Frontiers of Knowledge Award (2016): He received this for showing how institutions influence economic development.
- Nobel Memorial Prize in Economic Sciences (2024): He shared this prestigious award with James A. Robinson and Simon Johnson. They were honored for their studies on how political and economic institutions affect a nation's wealth. They showed that "inclusive institutions" lead to widespread economic participation and growth. "Extractive institutions" keep power and wealth in the hands of a few.
Acemoğlu has also received many honorary degrees from universities around the world.
See also
In Spanish: Daron Acemoğlu para niños
