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 …

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.