Daron Acemoglu, Simon Johnson, and James Robinson have been awarded the 2024 Nobel Prize in Economic Sciences for their pioneering studies on how institutions shape economic prosperity, the Royal Swedish Academy of Sciences announced on Monday. Their research sheds light on the critical role institutions play in influencing the wealth and development of nations.
The trio’s work highlights how different institutional frameworks—such as political, legal, and economic systems—can either hinder or foster economic progress. “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,” said Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences.
The prestigious award, officially titled the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is valued at 11 million Swedish crowns ($1.1 million). It is the last Nobel prize to be announced this year and follows a series of notable laureates in other fields.
Though the economics award was not part of Alfred Nobel’s original vision when the prizes were first established in 1901, it was added in 1968 by Sweden’s central bank to recognize significant contributions in the field of economics. Past recipients include renowned economists like Milton Friedman and John Nash, whose life was portrayed in the Oscar-winning film “A Beautiful Mind.”
This year’s award emphasizes the importance of institutional research in addressing global inequality and fostering sustainable economic growth. Acemoglu, Johnson, and Robinson are known for their collaborative work on how governance, laws, and social structures determine long-term prosperity, making their findings a critical piece of economic theory today.
Last year, Harvard economic historian Claudia Goldin won the prize for her groundbreaking research on gender disparities in the labor market, demonstrating the economics prize’s focus on addressing real-world issues through rigorous academic study.
Source: The Financial Express
BDST: 1627 HRS, OCT 14, 2024
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