Awarded the 15th BBVA Foundation Frontiers of Knowledge Award in Economics, Timothy Besley analyzes in this interview how institutions, governance, and public policies shape countries’ economic development. Drawing on decades of research, he explains why institutional quality is key to promoting inclusive growth, social stability, and effective decision-making. His reflections highlight the value of combining economic theory, empirical evidence, and an understanding of human behavior to design policies that improve people’s lives.
The BBVA Foundation Frontiers of Knowledge Award in Economics, Finance and Management has gone in this fifteenth edition to Timothy Besley (London School of Economics), Torsten Persson (Institute of International Economic Studies, Stockholm University) and Guido Tabellini (Bocconi University,) for “illuminating the connections between the economic and p
Awarded the 15th BBVA Foundation Frontiers of Knowledge Award in Economics, Timothy Besley analyzes in this interview how institutions, governance, and public policies shape countries’ economic development. Drawing on decades of research, he explains why institutional quality is key to promoting inclusive growth, social stability, and effective decision-making. His reflections highlight the value of combining economic theory, empirical evidence, and an understanding of human behavior to design policies that improve people’s lives.
The BBVA Foundation Frontiers of Knowledge Award in Economics, Finance and Management has gone in this fifteenth edition to Timothy Besley (London School of Economics), Torsten Persson (Institute of International Economic Studies, Stockholm University) and Guido Tabellini (Bocconi University,) for “illuminating the connections between the economic and political worlds” and “transforming the field of political economy,” in the words of the committee’s citation.
00:00 Introduction
00:05 What innovations has modern political economy brought to economics?
00:51 What are the political drivers of fiscal cycles?
01:46 Which factors determine state capacity, and why is this important for understanding why some countries develop more than others, both economically and institutionally?
