Daron Acemoglu, S Johnson and James A. Robinson awarded with Nobel Economics Prize 2024
The Royal Swedish Academy of Sciences has awarded the Nobel Prize Economic Sciences in memory of Alfred Nobel to Daron Acemoglu, Simon Johnson, and James A. Robinson, for their groundbreaking studies on how institutions influence a nation’s wealth.
Their research has shown that societies lacking strong rule of law and abusive institutions are unable to promote development or significant advancement.
The work by the three awardees have demonstrated the importance of societal institutions for a country’s prosperity, said the Nobel Commitee.
“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,” said the Nobel Committee.
The laureates’ research undermines prerequisites for sustainable development and prosperity
The laureates’ research on institution formation and impact provides valuable insight into the prerequisites for sustainable development and prosperity.
They have demonstrated that societies with strong, inclusive institutions foster growth and progress. On the other hand, countries where the rule of law is weak and institutions exploit the population tend to stagnate, unable to generate sustainable economic change.
The esteemed award, the final of this year’s Nobel prizes, includes a prize of 11 million Swedish crowns.
Also read: Nobel Peace Prize 2024 awarded to Japanese atomic bomb survivor group Nihon Hidankyo
The winners of this year have proven that the role of institutions is crucial in shaping a country’s future, highlighting the significance of their research in grasping the requirements for long-lasting progress.
The award, known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, comes with a prize of 11 million Swedish crowns.
The Royal Swedish Academy of Sciences emphasized the significance of Acemoglu, Johnson, and Robinson’s research in understanding how crucial well-operating institutions are for a nation’s economic prosperity and the wider global economy.
