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Acemoğlu And Turkey

05.08.2015 11:14

I have been writing this column for several months. Almost every week I have the following dilemma: I think about the previous weeks' columns and realize they were all very downbeat so I try to find an upbeat topic to discuss. So far, I have been unsuccessful. Naturally, I don't want to write about things.

I have been writing this column for several months. Almost every week I have the following dilemma: I think about the previous weeks' columns and realize they were all very downbeat so I try to find an upbeat topic to discuss. So far, I have been unsuccessful. Naturally, I don't want to write about things I don't believe in either. No matter how determined I am it seems impossible to write an optimistic piece. Finally, I have found my topic.
Last week, the Turkish-American scientist Daron Acemoğlu was named the world's most influential living economist. The Research Papers in Economics (RePEc) rank prominent economists based mostly on citation reports. This year, Dr. Acemoğlu topped the list. He was born in İstanbul and completed his primary and secondary education in Turkey. He then obtained undergraduate and graduate degrees in British universities, after which he moved to the US. Currently he is working at the Massachusetts Instıtute of Technology (MIT) as a professor of economics. In 2005, he received the John Bates Clark Medal, which is given to young American economists who are considered to be making the most significant contribution to economic thought and knowledge. Many previous John Bates Clark Medalist winners have later received the Nobel Prize. Paul Samuelson, Milton Friedman, James Tobin, Kenneth Arrow, Robert Solow, Gary Becker, Joseph Stiglitz, Paul Krugman, James Heckman and Michael Spence are among the heavy weights who have received both the Nobel Prize and John Bates Clark Medal. I hope and predict that Dr. Acemoğlu will one day be a Nobel Laureate as well.
His research topics include, but are not limited to, political economy, labor economics and macroeconomics. In fact, according to the RePEc ranking he is the only economist making significant contributions to the widest range of topics. He has an exceptional ability to implement the theoretical and empirical tools of economics into almost every area of life. I particularly admire his focus on practical problems. He does not show any interest in using mathematical wizardry simply for the sake of it, something we unfortunately see so frequently in the profession.
He has been prominent in academia for at least two decades. However, in 2012 his best-selling book, written with Harvard political scientist James Robinson, “Why Nations Fail,” made him a household name. In this book they argue that what determines the fate of nations in the long-run is how their institutions are formed. Nations that have so-called “inclusive institutions” advance and prosper, while the ones that have “extractive institutions” remain backward. Inclusive institutions are the kind of institutions where the resources of society are distributed relatively fairly to relatively large segments of society. Conversely, extractive institutions are simply the vehicles of minority groups to extract large portions of the society's resources and to leave only small leftovers to the majority. Acemoğlu and Robinson argue that only inclusive institutions provide a platform for human ingenuity and resourcefulness to reveal itself and thus encourage progress in society. On the other hand, extractive institutions prevent the majority of individuals from reaping the benefits of their own efforts and contributions to society. Therefore, there is not much effort, risk-taking and creativity in the short-run and not much progress in the long-run. Like all grand theories, there is much controversy about that as well. However, I would guess that most would agree that inclusive and extractive institutions are very important factors in relation to the fate of nations.
New information that is created is a “public good.” In economics, public goods are those goods or services that when utilized do not decrease the benefits for other users. New information is a public good in that sense. For example, when an economist shows that investments in primary education have a much higher rate of return than investments in tertiary education, every country can use this knowledge without decreasing the value of it for others. Thus, Dr. Acemoğlu and his research are precious for all of humanity. However, I think Turkey and its problems get more attention from Dr. Acemoğlu because he is Turkish. His theoretical and practical wisdom can contribute significantly to the solutions for Turkey's problems.
This is all good but I remember reading an interview with Dr. Acemoğlu about 10 years ago in which he indicated an interest in offering voluntary consulting to the Turkish Central Bank but that he had not yet received a response from the bank!
However, things are changing. A couple of years ago, the Turkish state offered him the post of being Turkey's ambassador to the Organization for Economic Cooperation and Development (OECD). As expected, he declined that offer but it shows a degree of appreciation. In 2013, the president of Turkey granted the highest science prize to him as well. I guess partly as a result of this appreciation, Dr. Acemoğlu showed greater interest in Turkish issues and their solutions. He is writing papers, giving interviews and making speeches on issues relevant to Turkey. If information, knowledge and wisdom are useful for solving problems, that is a good thing for Turkey. Moreover, unlike me, he is optimistic about the future of Turkey. He is smarter than I am, so I think (and hope) he is right.

ABDÜLKADİR CİVAN (Cihan/Today's Zaman)



 
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