The novelty in their work is the way they put 500 years of statistical evidence to show that the quality of institutions determines success. Democracies have a better chance of getting rich. China, however, remains an enigma which doesn’t fit this explanation.

The Nobel Prize in Economic Sciences for ...

MPC has given relative significance to global headwinds and uncertainties. Therefore, a sudden reduction in rates is not feasible when inflation expectations are elevated. The catch, however, is high rates complicate public debt management.