Nobel Prize in Economics 2024 awarded for research on how institutions affect country’s prosperity

The 2024 Nobel Prize in Economics was awarded to economists Daron Acemoglu, Simon Johnson and James A Robinson on Monday for their work on the formation of societal institutions and its effect on prosperity.

The jury said that the three economists were being given the accolade, officially called the Sveriges Riksbank Prize in Economic Sciences, as they have demonstrated why “societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better”.

It added that the work done by Acemoglu, Johnson and Robinson has shown that one of the explanations for differences in countries’ prosperity is the “societal institutions that were introduced during colonisation”.

BREAKING NEWS
The Royal Swedish Academy of Sciences has decided to award the 2024 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Daron Acemoglu, Simon Johnson and James A. Robinson “for studies of how institutions are formed and affect prosperity.”… pic.twitter.com/tuwIIgk393— The Nobel Prize (@NobelPrize) October 14, 2024

Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences, said that reducing the vast differences in income between countries was one of “our time’s greatest challenges”.

While Acemoglu and Johnson are professors at the Massachusetts Institute of Technology in the United States, Robinson is a...

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