The Royal Swedish Academy of Sciences has awarded the 2024 Nobel Prize in Economics to Daron Acemoglu, Simon Johnson and James Robinson. The scientists received the award for their research on the formation of institutions and their impact on the welfare and prosperity of countries.
The laureates’ research demonstrated that the institutions that emerge in a society play a key role in its economic development. They explored how various factors, including historical circumstances, geography and political processes, influence the formation of institutions. In particular, they have studied how institutions introduced during colonisation continue to influence the welfare of countries today.
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Daron Asemoglu is a Turkish-American economist and professor at the Massachusetts Institute of Technology. Simon Johnson is a British economist and professor at the Massachusetts Institute of Technology. James Robinson is a British economist and professor at the University of Chicago. Their work has made a significant contribution to the understanding of how institutions are formed and how they affect economic development.
“Reducing the huge income gap between countries is one of the greatest challenges of our time. The winners have demonstrated the importance of public institutions in achieving this goal,” said Jakob Svensson, Chairman of the Prize Committee for Economic Sciences.
The work of the laureates is important for the development of effective strategies for economic development and poverty alleviation. It also helps to better understand the causes of conflict and instability in the world.
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