STOCKHOLM, Oct 14: The Royal Swedish Academy of Sciences on Monday announced that Daron Acemoglu, Simon Johnson, and James A. Robinson have been awarded the 2024 Nobel Prize in Economic Sciences “for studies of how institutions are formed and affect prosperity.” The Nobel committee noted that the laureates have demonstrated the vital importance of societal institutions for economic success, stating, “Societies with weak rule of law and exploitative institutions do not foster growth or improvement.”
Daron Acemoglu and Simon Johnson are both from the Massachusetts Institute of Technology, while James A. Robinson is affiliated with the University of Chicago. Their research offers valuable insights into the reasons behind varying economic outcomes in different countries, emphasizing the importance of strong governance and institutional quality.
The economics prize, formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968 by Sweden’s central bank as a tribute to Alfred Nobel. It is awarded alongside the other Nobel Prizes on December 10 each year, despite some debate regarding its classification as a “true” Nobel Prize.
