Greg Rosalski

This trio of economists won the prize for a monumental insight, one that helped economists understand this kind of mysterious X factor that can determine the success or failure of a nation's economy. Hello and welcome to Planet Money. I'm Greg Rosalski.

This trio of economists won the prize for a monumental insight, one that helped economists understand this kind of mysterious X factor that can determine the success or failure of a nation's economy. Hello and welcome to Planet Money. I'm Greg Rosalski.

Today on the show, we're chatting with James and Duran about why some countries are rich and others are poor. Why it took so long for economics to recognize the power of institutions. And what the heck is an institution anyway? For this year's winners, the path to the Nobel Prize in economics started back in 1992. The Cold War has just ended. The number two song on the charts is Baby Got Back.

Today on the show, we're chatting with James and Duran about why some countries are rich and others are poor. Why it took so long for economics to recognize the power of institutions. And what the heck is an institution anyway? For this year's winners, the path to the Nobel Prize in economics started back in 1992. The Cold War has just ended. The number two song on the charts is Baby Got Back.

Today on the show, we're chatting with James and Duran about why some countries are rich and others are poor. Why it took so long for economics to recognize the power of institutions. And what the heck is an institution anyway? For this year's winners, the path to the Nobel Prize in economics started back in 1992. The Cold War has just ended. The number two song on the charts is Baby Got Back.

And James Robinson is just finishing up his PhD.

And James Robinson is just finishing up his PhD.

And James Robinson is just finishing up his PhD.

That really irritating guy? That was Duran Asimoglu. who at the time was also a PhD student, we asked him to paint a picture of that first time he met James.

That really irritating guy? That was Duran Asimoglu. who at the time was also a PhD student, we asked him to paint a picture of that first time he met James.

That really irritating guy? That was Duran Asimoglu. who at the time was also a PhD student, we asked him to paint a picture of that first time he met James.

That's exactly what he said. Did he say that? Oh, no. He used the word irritating.

That's exactly what he said. Did he say that? Oh, no. He used the word irritating.

That's exactly what he said. Did he say that? Oh, no. He used the word irritating.

He did.

He did.

He did.

But as they all walk out together down the narrow streets of London... James and Daron start to chat, and with just a few words, Daron gets James' economist heart to flutter.

But as they all walk out together down the narrow streets of London... James and Daron start to chat, and with just a few words, Daron gets James' economist heart to flutter.

But as they all walk out together down the narrow streets of London... James and Daron start to chat, and with just a few words, Daron gets James' economist heart to flutter.