The Nobel Memorial Prize in Economic Sciences for 2024 has been awarded to Daron Acemoglu, Simon Johnson, and James A. Robinson. These scholars were recognized for their groundbreaking research on how institutions affect a nation’s economic prosperity. Their work has shown how societies with strong institutions that promote fairness and good governance tend to grow economically, while those with corrupt or weak institutions struggle.
The 2024 Nobel Memorial Prize Awarded
The Nobel Committee praised the trio for their research, which helps explain why some countries thrive while others fail to develop economically. The committee highlighted that nations with poor rule of law and exploitative institutions do not generate sustainable growth or positive change.
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Daron Acemoglu and Simon Johnson are based at the Massachusetts Institute of Technology (MIT), while James A. Robinson works at the University of Chicago. Their combined research provides valuable insights into the importance of building institutions that benefit society as a whole, rather than a select few.
Though the Economics Prize is sometimes debated for not being a part of Alfred Nobel’s original prizes (which include categories like peace, medicine, and literature), it has been awarded every year since 1968, when it was introduced by the Bank of Sweden.
This recognition brings to light the crucial role that strong, fair institutions play in shaping a nation’s future and improving the living conditions of its people.
