Nobel Prize in Economics Awarded to Trio for Explaining Why Some Nations are Rich and Others Poor
The 2024 Nobel Prize in Economics has been awarded to Daron Acemoglu, Simon Johnson, and James A. Robinson for their research on how institutions are formed and affect prosperity. The trio, known for their studies on the relationship between political institutions, economic development, and long-term prosperity, were recognized by the Royal Swedish Academy of Sciences for their groundbreaking work.
Acemoglu and Johnson are professors at the Massachusetts Institute of Technology (MIT), while Robinson works at the University of Chicago. The Nobel committee highlighted that societies with poor rule of law and exploitative institutions do not generate growth or change for the better. The laureates’ research helps understand why some countries fail or succeed, shedding light on the root causes of global inequality.
