Itamar Gero’s Post

What an extraordinary time to be alive, and even more so, to be studying at the Massachusetts Institute of Technology! For years, I’ve been fascinated by the crucial intersection of business and government in shaping nation-building and development. Since beginning my MBA at MIT Sloan, I’ve become even more convinced that business and government must work together to strike the right balance for sustainable progress and shared my thoughts about this. This year’s Nobel Prize in Economics is a testament to that truth. Awarded for groundbreaking research on “how institutions are formed and affect prosperity,” it highlights the critical link between political institutions and economic growth. What a brilliant recognition of work that speaks directly to the global challenges we face today. A heartfelt congratulations to MIT’s own Simon Johnson and Daron Acemoglu, whose work, alongside James Robinson, has provided invaluable insights into why nations succeed or fail. Their masterpiece, Why Nations Fail, remains a touchstone in development studies, particularly in its exploration of the deep-rooted connections between institutions and prosperity, especially in low- and middle-income countries. While we’ve seen significant advancements in economics and development studies, there is still much more to be accomplished. This year’s Nobel Prize underscores that the time to act is now. #Nobelprize #MitSloan #GlobalDevelopment #MacroEconomics

🎉𝐁𝐞𝐲𝐨𝐧𝐝 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜𝐬: 𝐂𝐞𝐥𝐞𝐛𝐫𝐚𝐭𝐢𝐧𝐠 𝐍𝐨𝐛𝐞𝐥 𝐋𝐚𝐮𝐫𝐞𝐚𝐭𝐞𝐬 𝐖𝐡𝐨 𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐞𝐝 𝐨𝐮𝐫 𝐅𝐢𝐞𝐥𝐝 🏅 🌍 Exactly one week ago, The Nobel Prize 2024 in Economics was awarded by The Royal Swedish Academy of Sciences. But today, we want to celebrate all those other #Nobel laureates whose discoveries, though outside the field of economics, have made tremendous contributions to how we understand and operate in the world of #economics and #business. 🌟 Take 𝑮𝒖𝒈𝒍𝒊𝒆𝒍𝒎𝒐 𝑴𝒂𝒓𝒄𝒐𝒏𝒊, for example. The 1909 Nobel laureate in Physics, known for his pioneering work in wireless communication, didn’t just advance science - he changed the course of business history. 📡 Marconi’s invention of radio waves, and by extension, long-distance wireless communication, broke down geographical barriers and made real-time global business possible. Imagine #internationalbusiness and #finance without the ability to communicate across oceans instantly - Marconi’s work paved the way for the interconnected global markets we rely on today. From #stockmarkets to global #supplychains, Marconi’s legacy is deeply woven into the fabric of our disciplines! 🌐💼 As we reflect on his contributions, we can’t help but wonder: 𝑾𝒉𝒊𝒄𝒉 𝒐𝒕𝒉𝒆𝒓 𝑵𝒐𝒃𝒆𝒍 𝑷𝒓𝒊𝒛𝒆 𝒘𝒊𝒏𝒏𝒆𝒓𝒔, 𝒐𝒖𝒕𝒔𝒊𝒅𝒆 𝒐𝒇 𝒆𝒄𝒐𝒏𝒐𝒎𝒊𝒄𝒔, 𝒉𝒂𝒗𝒆 𝒓𝒆𝒔𝒉𝒂𝒑𝒆𝒅 𝒕𝒉𝒆 𝒘𝒂𝒚 𝒘𝒆 𝒕𝒉𝒊𝒏𝒌 𝒂𝒃𝒐𝒖𝒕 𝒆𝒄𝒐𝒏𝒐𝒎𝒊𝒄𝒔 𝒂𝒏𝒅 𝒃𝒖𝒔𝒊𝒏𝒆𝒔𝒔? Drop your thoughts below!👇 Additionally, if you’re interested in the scientific literature on Marconi from a business history perspective, be sure to check the comments section for a list of insightful articles on the topic. Academy of Management | Academy of Management Insights #NobelPrize #GlobalBusiness #Innovation #InternationalBusiness #EconomicsImpact #Marconi #ManagementHistory #CelebratingScience #CrossDisciplinaryImpact

𝐍𝐨𝐛𝐞𝐥 𝐥𝐚𝐮𝐫𝐞𝐚𝐭𝐞 𝐃𝐚𝐧𝐢𝐞𝐥 𝐊𝐚𝐡𝐧𝐞𝐦𝐚𝐧 𝐩𝐚𝐬𝐬𝐞𝐝 𝐚𝐰𝐚𝐲 𝐨𝐧 𝐌𝐚𝐫𝐜𝐡 27, 2024, 𝐚𝐭 90. Leaving behind a legacy that transcends the boundaries of psychology and economics. His groundbreaking partnership with Amos Tversky in establishing behavioral economics revolutionized our understanding of human decision-making, challenging the foundational assumptions of rational choice theory. His contributions were globally recognized, earning him the Nobel Prize in Economic Sciences in 2002 and the Presidential Medal of Freedom in 2013. Kahneman's work has profoundly influenced diverse fields, guiding worldwide policy decisions and personal behaviors. As a mentor, he nurtured the intellectual growth of numerous students who made significant scholarly contributions. An insatiable curiosity about the intricacies of the human mind marked Daniel Kahneman's intellectual journey. He once observed, "𝘕𝘰𝘵𝘩𝘪𝘯𝘨 𝘪𝘯 𝘭𝘪𝘧𝘦 𝘪𝘴 𝘢𝘴 𝘪𝘮𝘱𝘰𝘳𝘵𝘢𝘯𝘵 𝘢𝘴 𝘺𝘰𝘶 𝘵𝘩𝘪𝘯𝘬 𝘪𝘵 𝘪𝘴 𝘸𝘩𝘪𝘭𝘦 𝘺𝘰𝘶 𝘢𝘳𝘦 𝘵𝘩𝘪𝘯𝘬𝘪𝘯𝘨 𝘢𝘣𝘰𝘶𝘵 𝘪𝘵." His work, characterized by this blend of humility and insight, will continue to inspire and challenge our understanding of the human condition for generations to come. Here are some of my favorite quotes from his works (The ones I have read) 1. "𝘛𝘩𝘦 𝘩𝘶𝘮𝘢𝘯 𝘮𝘪𝘯𝘥 𝘢𝘴 𝘢 𝘮𝘦𝘢𝘴𝘶𝘳𝘪𝘯𝘨 𝘪𝘯𝘴𝘵𝘳𝘶𝘮𝘦𝘯𝘵 𝘪𝘴 𝘪𝘯𝘩𝘦𝘳𝘦𝘯𝘵𝘭𝘺 𝘧𝘭𝘢𝘸𝘦𝘥"––Noise: A Flaw in Human Judgment. 2. "𝘕𝘰𝘪𝘴𝘦 𝘪𝘯 𝘱𝘳𝘦𝘥𝘪𝘤𝘵𝘪𝘷𝘦 𝘫𝘶𝘥𝘨𝘮𝘦𝘯𝘵𝘴 𝘤𝘢𝘯 𝘣𝘦 𝘮𝘦𝘢𝘴𝘶𝘳𝘦𝘥 𝘢𝘯𝘥 𝘳𝘦𝘥𝘶𝘤𝘦𝘥, 𝘪𝘮𝘱𝘳𝘰𝘷𝘪𝘯𝘨 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯-𝘮𝘢𝘬𝘪𝘯𝘨 𝘲𝘶𝘢𝘭𝘪𝘵𝘺."––Noise: A Flaw in Human Judgment 3. "𝘛𝘩𝘦 𝘴𝘵𝘢𝘯𝘥𝘢𝘳𝘥 𝘢𝘴𝘴𝘶𝘮𝘱𝘵𝘪𝘰𝘯 𝘵𝘩𝘢𝘵 𝘱𝘦𝘰𝘱𝘭𝘦 𝘮𝘢𝘹𝘪𝘮𝘪𝘻𝘦 𝘶𝘵𝘪𝘭𝘪𝘵𝘺 𝘪𝘴 𝘯𝘰𝘵 𝘵𝘢𝘶𝘵𝘰𝘭𝘰𝘨𝘪𝘤𝘢𝘭 𝘣𝘶𝘵 𝘧𝘢𝘭𝘴𝘦."––Choices, Values, and Frames 4. "𝘛𝘩𝘦 𝘤𝘰𝘯𝘷𝘦𝘹𝘪𝘵𝘺 𝘰𝘧 𝘵𝘩𝘦 𝘷𝘢𝘭𝘶𝘦 𝘰𝘧 𝘭𝘰𝘴𝘴𝘦𝘴 𝘦𝘯𝘵𝘢𝘪𝘭𝘴 𝘳𝘪𝘴𝘬 𝘴𝘦𝘦𝘬𝘪𝘯𝘨"––Choices, Values, and Frames. 5. "𝘛𝘩𝘦 𝘢𝘴𝘴𝘶𝘮𝘱𝘵𝘪𝘰𝘯 𝘰𝘧 𝘳𝘪𝘴𝘬 𝘢𝘷𝘦𝘳𝘴𝘪𝘰𝘯 𝘩𝘢𝘴 𝘱𝘭𝘢𝘺𝘦𝘥 𝘢 𝘤𝘦𝘯𝘵𝘳𝘢𝘭 𝘳𝘰𝘭𝘦 𝘪𝘯 𝘦𝘤𝘰𝘯𝘰𝘮𝘪𝘤 𝘵𝘩𝘦𝘰𝘳𝘺."––Choices, Values, and Frames 6. "𝘐𝘯 𝘵𝘩𝘦 𝘱𝘴𝘺𝘤𝘩𝘰𝘭𝘰𝘨𝘪𝘤𝘢𝘭 𝘱𝘦𝘳𝘤𝘦𝘱𝘵𝘪𝘰𝘯 𝘰𝘧 𝘳𝘪𝘴𝘬, 𝘧𝘢𝘤𝘵𝘴 𝘤𝘢𝘯 𝘰𝘧𝘵𝘦𝘯 𝘣𝘦 𝘰𝘷𝘦𝘳𝘴𝘩𝘢𝘥𝘰𝘸𝘦𝘥 𝘣𝘺 𝘧𝘦𝘢𝘳𝘴 𝘢𝘯𝘥 𝘵𝘩𝘦 𝘢𝘷𝘢𝘪𝘭𝘢𝘣𝘪𝘭𝘪𝘵𝘺 𝘰𝘧 𝘷𝘪𝘷𝘪𝘥 𝘪𝘯𝘴𝘵𝘢𝘯𝘤𝘦𝘴."––Judgment under Uncertainty 7. "𝘐𝘵 𝘪𝘴 𝘦𝘢𝘴𝘪𝘦𝘳 𝘵𝘰 𝘳𝘦𝘤𝘰𝘨𝘯𝘪𝘻𝘦 𝘰𝘵𝘩𝘦𝘳 𝘱𝘦𝘰𝘱𝘭𝘦'𝘴 𝘮𝘪𝘴𝘵𝘢𝘬𝘦𝘴 𝘵𝘩𝘢𝘯 𝘰𝘶𝘳 𝘰𝘸𝘯."––Thinking, Fast and Slow . . . . #BehavioralEconomics #DecisionMaking #NobelLaureate #Psychology #EconomicTheory #CognitivePsychology #InnovationInScience #MentalModels #LeadershipThoughts #InfluentialBooks

I am thrilled to congratulate Simon Johnson on being awarded the 2024 Nobel Prize in Economic Sciences, alongside Daron Acemoglu and James Robinson for their groundbreaking work on how institutions shape prosperity. It’s an incredible recognition of the profound impact they’ve had on understanding the global economy and the role that healthy societal institutions play in shaping economic growth. On a personal note, Simon’s classes at MIT were absolutely legendary—some of the most thought-provoking discussions and debates I’ve ever had happened right in his classroom. In today’s rapidly changing world—marked by shifts in technology, politics, and the global economy, he would challenge us on was “Who will write the rules of the future?” and how that dynamic has to be understood deeply in how it affects everything from the problems we choose to solve and the profound consequences of those choices, inclusive of politics and economics. Institutions play a critical role in shaping and navigating change. Who leads them, how they’re governed, and our respect for the rules that guide them are key to driving long term growth and prosperity. It’s a powerful framework for understanding the world, and this honor and recognition only underscores its lasting importance. Congratulations, Simon, on this well-deserved honor with Daron Acemoglu and James Robinson. Your ideas and insights continue to help us make sense of the changing world around us. #NobelPrize #Economics #MIT #MITSloan #MensEtManus #InstitutionalEconomics

Why do humans have a tendency to focus on negatives instead of positives? According to 2002 economic sciences laureate Daniel Kahneman, reacting to threats helped us to survive through our evolution history. It's behaviour that is difficult to change. However by collaborating and being aware of our biases we can keep fighting for the good in the world. Read more about how you can think like a Nobel Prize laureate: https://lnkd.in/gHsYqsTT

Exciting News from the 2024 Nobel Prize in Economics!   This year’s laureates have brought valuable insights into the factors that contribute to the prosperity of certain nations over others. Their groundbreaking work emphasises the critical role of inclusive institutions in addressing the vast wealth gap—where the wealthiest 20% are 30 times richer than the poorest 20%.  They highlight that fostering mutuality within cultures, organizations, and social groups is vital for driving inclusivity, growth, and prosperity.  Inclusive institutions, founded on mutuality and trust, create a bargaining culture and support democracy, thereby facilitating wealth distribution to the broader population. In contrast, extractive institutions tend to centralize power and wealth, leaving many in poverty. The concept of mutuality revolves around developing relational trust—an essential foundation for enabling organisations to navigate challenges effectively. Unlike transactional trust, relational trust sustains belief during tough decisions and circumstances. The laureates’ thesis ingeniously showcases how broken promises and the erosion of trust within extractive settings impact overall prosperity. Mathew Byrne and Denis Jenkins, who are leading the "Mutuality: The Future of Trust" initiative, argue that the research from this year’s Nobel laureates has significant implications for organizations striving for sustainable success. Their forthcoming book, set to release at the end of 2024, will delve deeper into how these principles can foster mutually beneficial relationships in political, social, and corporate contexts. Stay tuned for insights on teamwork, collaboration, mutual decision-making, and transformative business solutions that drive profitability and prosperity! #Teamwork #Collaboration #MutualDecisionMaking #BusinessSolutions #Leadership #Trust #Momentum #Mutuality #Innovation #SelfDevelopment #RelationalTrust #Transformation #NobelPrize Short explanation of the Nobel Prize decision https://lnkd.in/g-A8hkVC Scientific explanation of the Nobel Prize decision https://lnkd.in/gjKt8fkf

How a culture of #excellence drives innovation: MIT and Nobel prize winners Massachusetts Institute of Technology (MIT) economists Daron Acemoglu and Simon Johnson, together with political scientist James Robinson from the University of Chicago, have just won the 2024 Nobel Prize in Economic Sciences. Their groundbreaking research on how political systems influence economic growth marks another addition to MIT’s long list of Nobel laureates in economics. MIT’s history of Nobel winners includes: Paul Samuelson (1970) Franco Modigliani (1985) Robert Solow (1987) Peter Diamond (2010) Bengt Holmström (2016) Abhijit Banerjee and Esther Duflo (2019) Josh Angrist (2021) This achievement highlights MIT's exceptional environment for research. The Institute thrives on intellectual freedom, interdisciplinary collaboration, and an emphasis on practical impact. MIT doesn’t just reward #innovation—it creates a safe space for scholars to explore, fail, and succeed. Private organizations can take a lesson from this: building an innovative and high-performing culture means creating an open and collaborative environment where talent is encouraged to ask big questions and develop bold solutions. Prioritizing real-world relevance and fostering continuous learning are key strategies for attracting and retaining top talent and cultivating transformative ideas. edoardo demarchi Dr. Nancy Tennant

I can’t express how delighted and proud I am to wake up to the news that some of my professors have been awarded the Nobel Prize in Economics! It’s truly refreshing to think back to sitting in Massachusetts Institute of Technology Sloan classes, listening to Simon Johnson, and studying the incredible works of Daron Acemoglu —particularly Why Nations Fail, and Power and Progress. The discussions at Kendall Square, pouring through these pages and case studies at MIT Sloan, have profoundly shaped my understanding of macroeconomics and continue to influence the lens through which I lead my global health work today. Their groundbreaking research, conducted in collaboration with James Robinson, explores how institutions are formed and the profound impact they have on prosperity—particularly in low- and middle-income countries (LMICs). This body of work, which was integral to their Nobel recognition, offers invaluable insights for anyone invested in global development. It is essential reading for those seeking to understand how governments can effectively operationalize these principles to drive lasting change This achievement reinforces a message that resonates with me and my MIT Sloan fellow alum. With hard work, dedication to a cause, and a commitment to improving the world, everything is within reach. As I lead global health initiatives, particularly in the Global South, the intersection of macroeconomics and health guides our efforts to build sustainable, impactful solutions. The work of these Nobel laureates is a powerful reminder of the importance of strong institutions, innovative thinking, and the potential for significant global impact. Congratulations to Professors Johnson, Acemoglu, and their teams for this incredible recognition. I’m beyond grateful for the influence they’ve had on me and the field. I look forward to continuing my journey as a leader in global development, working with great minds, and driving change that truly makes a difference in the world. #NobelPrize #Macroeconomics #GlobalHealth #InstitutionalEconomics #MayoClinicPlatform #MITSloan #GlobalDevelopment #KendallSquare

Exploring Global Economic Excellence...🌐🤩 The 2024 Nobel Memorial Prize in Economic Sciences has recognised groundbreaking research on global inequality, shedding light on the differences in prosperity between nations and the vital role of societal institutions in shaping a country’s future. This year’s laureates—MIT professors Daron Acemoglu and Simon Johnson, and James Robinson of the University of Chicago—embody the global nature of economics. Educated across continents, their journeys highlight the intellectual migration that fuels innovation in the field. 🌏 US universities dominate the Nobel stage, with 68 out of 96 recipients since 1969 affiliated with American institutions. Leading the pack is the University of Chicago (15 laureates), followed by MIT (10) and Harvard (8). Beyond the US, institutions like the London School of Economics and the University of Cambridge shine as European centres of economic thought. But which are the best global universities for Economics today? The BlueSky Ranking combines data from leading global subject rankings to give a comprehensive view of excellence. In 2024, the US continues its dominance: 🥇 Harvard University (#1) 🥈 Massachusetts Institute of Technology (#2) 🥉 Stanford University (#3) University of Chicago, and University of California, Berkeley complete the top five. The London School of Economics and Political Science (LSE) leads for the UK, while National University of Singapore, Tsinghua University and Peking University highlight regional excellence in Asia. The rankings also reflect regional variations, showcasing diverse strengths across methodologies and institutions globally. Read the full summary in our link below, and stay tuned for more insights and subject-specific rankings from BlueSky Thinking ⬇️ https://lnkd.in/gCc-CR-D #BlueSkyThinking #EconomicSciences #GlobalInequality #InstitutionalEconomics #HigherEducation #EducationRankings

Remembering the Legacy of Nobel Laureate Daniel Kahneman - Renowned psychologist and Nobel laureate Daniel Kahneman, who sadly passed away on March 27, 2024, has left an indelible mark on the fields of behavioral economics and cognitive psychology. His groundbreaking research has profoundly shaped our understanding of human decision-making, ushering in the era of "Behavioral Finance and Economics" that we know today. Recognized for his pioneering work, Prof. Kahneman was awarded the Nobel Prize in Economic Sciences in 2002, a testament to the significance of his contributions. Born on March 5, 1934, Prof. Kahneman's journey from humble beginnings to international acclaim exemplifies the power of dedication and intellectual curiosity. In 2011, he shared his insights with the world through his seminal work, "Thinking, Fast and Slow," which captivated readers with its profound exploration of the human mind. As we bid farewell to Prof. Kahneman, we acknowledge the immense impact he has had on countless lives and disciplines. His absence leaves a void in the academic and intellectual community, but his legacy will continue to inspire generations to come. We extend our deepest gratitude for his tireless pursuit of knowledge and his unwavering commitment to understanding the complexities of human behavior. Prof. Kahneman will be greatly missed, but his influence will endure as a beacon of wisdom and insight. #DanielKahneman #BehavioralEconomics #CognitivePsychology #NobelLaureate #Legacy #ThinkingFastAndSlow