Daron Acemoglu was born on September 3, 1967, in Istanbul, Turkey. He grew up in a family of intellectuals: his mother was a linguist and translator, while his father was a lawyer and a professor of public law. These influences would shape Acemoglu’s pursuit of economic research, which would lead him to become one of the most prominent economists in the world.
Acemoglu’s academic career began when he attended the Galatasaray High School, known for its rigorous academics. He then went on to study economics at the University of York in England, where he obtained his Bachelor’s degree. He then pursued a Master’s degree from the London School of Economics and Political Science, where he concentrated on mathematical economics. His thesis, “The Logic of Electoral Systems,” received the prize for the best dissertation of the year.
Acemoglu then completed his Ph.D. in economics from the Department of Economics at the University of Warwick. His dissertation, “Essays in the Political Economy of Institutions,” focused on the relationship between economic institutions and their effects on economic performance. This work laid the foundation for his later research, which would focus on the importance of institutions in shaping economic outcomes.
Acemoglu’s career took off after he joined the economics faculty at the Massachusetts Institute of Technology in 1993. It was here that he began his lifelong focus on the role of institutions in economic development. In his early research, Acemoglu explored the idea that the quality of institutions, such as the rule of law, property rights, and political governance, is crucial for economic success. He argued that institutions that provide a level of economic freedom and political stability lead to better outcomes for individuals and societies.
In 2003, Acemoglu co-authored a seminal paper with James A. Robinson, “Why Nations Fail,” which expanded upon his earlier research. The paper argued that the success or failure of countries depends on the quality of their institutions. The authors pointed out that, in order for good institutions to take root, they need to be inclusive, meaning they must provide equal economic, social and political opportunities to all members of society.
Acemoglu’s book, “Why Nations Fail: The Origins of Power, Prosperity, and Poverty” published in 2012 expanded on this theme. In this work, he and Robinson explored the various factors that contribute to inclusive institutions. They showed that inclusive institutions are necessary for long-term economic growth and prosperity. These institutions include property rights, free access to markets, and equal opportunities for education and employment.
Acemoglu’s research has had a significant impact on both academic and policy circles. His work has been widely cited, influencing how academics conceptualize economic development and the role of government in shaping economic outcomes. Additionally, his research has been used to develop policies aimed at promoting inclusive institutions in developing countries.
Acemoglu’s research has also garnered many accolades. He has received numerous awards, including the John Bates Clark Medal in 2005 and the Erwin Plein Nemmers Prize in Economics in 2012. Acemoglu was also elected to the National Academy of Sciences in 2016.
Aside from his research work, Acemoglu has also been an active participant in public debates. He has written articles for popular media outlets including the New York Times and the Washington Post. He has been a frequent guest speaker at international conferences and a guest commentator on news channels such as CNN and MSNBC.
Acemoglu’s career has been characterized by his intellectual curiosity, rigor, and commitment to the improvement of economic and social conditions across the globe. He has been an inspiration to many young economists who share his passion for the role of good institutions in promoting economic growth and development. As a result, he will continue to shape our understanding of the importance of inclusive institutions for many years to come.