The Royal Swedish Academy of Sciences recognized the trio's contributions to understanding how societal institutions shape economic outcomes, highlighting the importance of political and economic institutions in fostering inclusive growth and reducing poverty.
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| Daron Acemoglu, Simon Johnson, and James Robinson have been honored with the 2024 Nobel Prize in Economics for their groundbreaking research on the formation and impact of institutions on prosperity. Image Courtesy: NobelPrize |
Stockholm, Sweden - October 14, 2024:
Daron Acemoglu, Simon Johnson, and James Robinson have been honored with the 2024 Nobel Prize in Economics for their groundbreaking research on the formation and impact of institutions on prosperity. The Royal Swedish Academy of Sciences recognized their contributions to understanding how societal institutions shape economic development and inequality.
The prestigious award, worth 11 million Swedish crowns ($1.1 million), highlights the critical role of institutions in addressing the vast disparities in income between countries. The laureates' work has shed light on the interconnectedness of institutions and economic outcomes, providing valuable insights for policymakers and economists alike.
The Nobel Prize in Economics, established in 1968, has a history of recognizing influential thinkers in the field. Previous winners include renowned economists such as Milton Friedman, John Nash, and Ben Bernanke. The award has been dominated by U.S. academics since its inception, reflecting the country's significant contributions to economic research.
The 2024 Nobel Prize in Economics follows the announcement of other Nobel Prizes last week, including awards for medicine, physics, chemistry, literature, and peace. The winners of these prizes represent a diverse range of scientific and humanitarian achievements, demonstrating the global impact of research and activism.