The 2024 Prize for Economics winners Daron Acemoglu, Simon Johnson, and James Robinson have collaborated on influential works exploring economic development, political systems, and institutional dynamics.
If I were the President, these books by the Nobel Laureates would be mandatory for Heads of the legislative arms, all Nigerian Judges, all civil and public servants, all Ministers and Chief Executives of Agencies, and their senior management, Military and Paramilitary Chiefs and senior officers.
The Permanent Secretary who understands and can adapt the concepts in these books to the Nigerian environment and teach them will become the Head of Service.
We cannot repair and renew Nigeria through changing constitutions, restructuring, revenue allocations, and systems or types of government. All these may help, but the fundamental issue is that society must rise to constrain the power of the state. This is what many call building institutions that respond to society’s needs.
How to build these institutions and create the narrow corridor is the task for the leader we need. You need to know the theoretical framework and how to develop incentives to fundamentally alter the character and structure of the Nigerian state.
Nigeria is not exceptional. We are not different from the rest of the world. If a rogue elite like we have in Nigeria takes over Switzerland, the result will be like Nigeria.
If you have not read these books below as an activist, politician, public servant and member of the office of the citizen, you are not ready and prepared for prime time. Period.
1. “Why Nations Fail: The Origins of Power, Prosperity, and Poverty” (2012) – Daron Acemoglu and James Robinson
This book explores the reasons behind the wealth disparity among nations, attributing it to the quality of their political and economic institutions. Acemoglu and Robinson argue that inclusive institutions promote prosperity by encouraging participation and innovation, while extractive institutions lead to stagnation and poverty. They support their argument with historical case studies from around the world.
2. “The Narrow Corridor: States, Societies, and the Fate of Liberty” (2019) – Daron Acemoglu and James Robinson
In their follow-up to “Why Nations Fail,” Acemoglu and Robinson explore the delicate balance between state power and societal freedom, which they call “the narrow corridor” that leads to liberty. They argue that both the state and society must be strong enough to constrain each other, as too much state power leads to tyranny, while a weak state results in anarchy.
3. “Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity” (2023) – Daron Acemoglu and Simon Johnson
This recent work explores the link between technological progress and economic inequality over the past millennium. It argues that technology alone doesn’t guarantee shared prosperity and can exacerbate inequality without proper institutions. The book also discusses current technological trends, such as AI, and warns about the potential for technology to favour the elite without deliberate policy.
4. “Economic Origins of Dictatorship and Democracy” (2006) – Daron Acemoglu and James Robinson
This book presents a robust theoretical framework for comprehending the emergence of different political regimes, whether democracy or dictatorship. Acemoglu and Robinson assert that economic inequality, fear of revolution, and power distribution between elites and citizens are pivotal in shaping political outcomes.
I have read three of these books. They employ historical case studies and formal economic models to elucidate why some countries transition to democracy while others succumb to authoritarianism.
Nigeria, with its extractive institutions, is on the path to elite authoritarianism.
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Used AI for the book summaries
