"Concepts like national identity, national sovereignty or social trust are very hard to cash out in economic terms—yet they’re strongly predictive of a country’s future prosperity."
The 2024 economics Nobel was awarded precisely for work that examines the formation of socio-political institutions and trust and the importance of these things for long-run prosperity. Similarly, the importance of deterence in criminal justice and war (which the article implies is difficult to account for in economics) is a standard example when studying repeated games in intro... (read more)
"Concepts like national identity, national sovereignty or social trust are very hard to cash out in economic terms—yet they’re strongly predictive of a country’s future prosperity."
The 2024 economics Nobel was awarded precisely for work that examines the formation of socio-political institutions and trust and the importance of these things for long-run prosperity. Similarly, the importance of deterence in criminal justice and war (which the article implies is difficult to account for in economics) is a standard example when studying repeated games in intro... (read more)