The 2024 Nobel Prize in economics is awarded to Daron Acemoglu, Simon Johnson and James A. Robinson 'for studies of how institutions are formed and affect prosperity'.
The 2024 Nobel Prize in economics is awarded to Daron Acemoglu, Simon Johnson and James A. Robinson 'for studies of how institutions are formed and affect prosperity'.Nobel Committee announces the winners of the 2024 Nobel Prize in Economic Science during a press conference at the Karolinska Institute in Stockholm, Sweden, on October 14, 2024. / Photo: AA
The Nobel memorial prize in economics has been awarded to Daron Acemoglu, Simon Johnson and James A. Robinson for research into differences in prosperity between nations. The three economists “have demonstrated the importance of societal institutions for a country’ s prosperity,” the Nobel committee of the Royal Swedish Academy of Sciences said.
“Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better. The laureates’ research helps us understand why,” it added.Acemoglu and Johnson work at the Massachusetts Institute of Technology and Robinson conducts his research at the University of Chicago.Jakob Svensson, chair of the Committee for the Prize in Economic Sciences, emphasised the relevance of the laureates' contributions in addressing global inequality.
“Reducing the vast differences in income between countries is one of our time’s greatest challenges. The laureates have demonstrated the importance of societal institutions for achieving this,” he said.Their collaborative work has become essential to understanding economic development and governance worldwide.
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