Some nations prosper while others are mired in poverty. Three scholars were awarded the Nobel prize Monday for helping explain why, showing that colonial societies built on extraction of wealth became poorer in the long run.
The big picture: Daron Acemoglu and Simon Johnson of MIT and James Robinson of the University of Chicago won the prize "for studies of how institutions are formed and affect prosperity," particularly the creation of political and economic traditions that fuel broad-based wealth.
Columbus Day is the federal holiday on the second Monday in October. But what the state holiday is called — Columbus Day, Indigenous Peoples' Day or something else — depends on where you live.
Why it matters: Efforts to change the focus of the holiday from celebrating Christopher Columbus to the contributions of Native Americans are ongoing.
SpaceX pulled off a mind-blowing feat of aerospace engineering in the fifth uncrewed test launch of its megarocket Starship on Sunday, catching a Super Heavy booster — as tall as a 20-story building — in a giant pair of metal "chopsticks" on its return to the launchpad.
The latest: The spacecraft launched successfully, reentered Earth's atmosphere and splashed down as planned in the Indian Ocean around an hour after liftoff.
The Michigan Consumer Sentiment Index ticked down in October (within the margin of error) after two months of gains. Sentiment is 8% stronger than a year ago, and almost 40% above the trough reached in June 2022.
Why it matters: "While inflation expectations have eased substantially, ... consumers continue to express frustration over high prices," survey director Joanne Hsu said.
