Nobel Prize 2024: The winners of the Nobel Prize 2024 in economics have been announced on Monday. This year Daron Acemoglu, Simon Johnson and James A. Robinson has been awarded the Nobel Prize. He did research on how institutions are formed in a country and how they affect prosperity. The three economists will share the 11 million-krona ($1.1 million) prize, the Royal Swedish Academy of Sciences in Stockholm said in a statement on Monday. Acemoglu and Johnson work at the Massachusetts Institute of Technology. Robinson does research at the University of Chicago.
Daron Acemoglu, Simon Johnson and James A. Robinson was awarded the Nobel Prize for his research into why some countries succeed and others fail. The Nobel Committee of the Royal Swedish Academy of Sciences said during the announcement in Stockholm that the three economists had shown the importance of social institutions for a country's prosperity. He said, “A society where there is no law and order and the population is exploited, the country is not able to develop. The research of the awardees helps us understand why this happens.” Jacob Svensson, Chair of the Committee for the Prize in Economic Sciences, said, “Reducing the huge differences in income between countries is one of the greatest challenges of our time. The prize winners demonstrate the importance of social institutions to achieve this. Have done.” He said that his research has provided a very deep understanding of the root causes of why countries fail or succeed.
The prize, formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established by the Swedish central bank in 1968. It is given in a series of annual prizes for achievements in physics, chemistry, medicine, literature and peace that were established in the will of Alfred Nobel. Alfred Nobel, the Swedish inventor of dynamite, died in 1896. Last year, Claudia Goldin received this honor for her research for equal pay for women and men.
