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Tag: institutions

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2 posts found
Jan 08, 2025
acx
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38 min 5,868 words Comments pending
Scott examines the concept of 'priesthoods' (like medicine and academia) as epistemic communities that maintain high standards through isolation from the public, showing both their strengths and their vulnerability to ideological capture. Longer summary
Scott analyzes how professional 'priesthoods' like medicine and academia function as epistemic communities, maintaining their effectiveness through deliberate isolation from the public and strict internal standards. He explains how their key features - separation from the public, resistance to capitalism, and formal communication norms - help them maintain quality but also make them vulnerable to ideological capture. The post explores how these institutions were particularly susceptible to political capture in recent years, while arguing that despite their flaws, they still serve an important function that would be difficult to replicate. The discussion concludes by questioning how to deal with priesthoods' current state of partial corruption. Shorter summary
Aug 25, 2023
acx
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38 min 5,751 words 341 comments 125 likes podcast (34 min)
A critical review of 'Why Nations Fail' that examines the authors' academic work and methodology, while questioning the book's quality and practical implications. Longer summary
This review critiques 'Why Nations Fail' by Acemoglu and Robinson (AR), arguing that while the book itself is not very good, AR's academic papers present a more compelling case for their thesis that political institutions are the main determinant of economic growth. The reviewer explains AR's methodology using instrumental variables, discusses their evidence and criticisms, and ultimately concludes that even if AR are correct, their extremely long-run focus may not be very useful for practical policymaking or development efforts. Shorter summary