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Importance of Institutions-general concept:
1. The central thesis of the book WHY NATION FAIL is that inclusive political and economic institutions are necessary for sustained economic growth. PLEASE WRite an essay of 500-700 words explaining the difference between inclusive and exclusive institutions and why these are necessary for economic growth as explained by Acemoglu and Robinson
2. Acemoglu and Robinson's thesis on the divergence of economic outcomes between nations is that small institutional difference lead to much different outcomes in face of a critical juncture. please select a critical juncture in the book and write a 750 word essay summarizing how small institutional difference resulted in different resulted in different economic paths for different soceities.
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