The 2024 Nobel Memorial Prize in Economics has been awarded to Daron Acemoglu, Simon Johnson, and James A. Robinson for their groundbreaking research on the differences in prosperity between nations.
Their work emphasizes the crucial role societal institutions play in determining a country’s economic success or failure.
The Royal Swedish Academy of Sciences, in its announcement on Monday, highlighted the importance of the trio's research in understanding the impact of institutions. “They have shown that societies with weak rule of law and exploitative institutions do not foster growth or meaningful progress,” the Nobel Committee stated. Their work sheds light on why some nations flourish while others remain stagnant.
Acemoglu and Johnson are professors at the Massachusetts Institute of Technology, while Robinson is affiliated with the University of Chicago.
Their research has significantly contributed to economic thought, particularly around how institutional factors shape long-term national prosperity.
Although the Nobel Prize in Economics, formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, is not one of the original awards established by Alfred Nobel in 1895, it has been awarded since 1968 and is presented alongside the other Nobel Prizes on December 10, marking Nobel’s death anniversary.