2024 Nobel Prize in Economics awarded to 3 researchers for studies on institutional impact
The Royal Swedish Academy of Sciences has announced the winners of the 2024 Nobel Prize in Economics.
On Monday, October 14, the Academy awarded Daron Acemoglu, Simon Johnson, and James Robinson the Nobel Prize in Economics for their research on “how institutions are formed and their impact on welfare.”
According to the Academy’s statement, this year’s Nobel laureates in Economic Sciences have provided new and compelling evidence to explain the gaps in wealth distribution across societies.
These three economists also co-authored a paper titled “The Colonial Origins of Comparative Development,” which was key in their selection for the Nobel Prize in Economics.
Robinson’s research primarily focuses on the role of political and economic institutions in development and the differences in economic growth across countries.
Robinson is best known for collaborating with Acemoglu in writing the bestselling book “Why Nations Fail.”
In this book, they argue that inclusive political and economic institutions are the main drivers of a nation’s success, while extractive institutions lead to underdevelopment and poverty.
Notably, this was the final Nobel Prize awarded this year, following last week’s announcements of winners in the categories of Physics, Chemistry, Physiology, Literature, and Peace.
The recognition of Acemoglu, Johnson, and Robinson’s work highlights the increasing importance of understanding how historical and institutional factors shape economic development and inequality. Their contributions have deepened our knowledge of the long-term effects of institutions on global welfare.
As the global economy faces growing challenges, such insights are crucial for policymakers seeking to address disparities and foster inclusive growth across nations.
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