In a significant recognition of their contributions to the field of economics, US-based scholars Daron Acemoglu, Simon Johnson, and James Robinson have been awarded the 2024 Nobel Prize in Economic Sciences. The Royal Swedish Academy of Sciences announced the honor, stating that the trio was recognized “for studies of how institutions are formed and affect prosperity.”
The Nobel Prize, officially known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is valued at 11 million Swedish crowns (approximately $1.1 million). In his statement, Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences, emphasized, “Reducing the vast differences in income between countries is one of our time’s greatest challenges. The laureates have demonstrated the importance of societal institutions for achieving this.”
The organizers of the award highlighted that “societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better,” underscoring the critical role that sound institutions play in fostering economic development.
BREAKING NEWS
The Royal Swedish Academy of Sciences has decided to award the 2024 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Daron Acemoglu, Simon Johnson and James A. Robinson “for studies of how institutions are formed and affect prosperity.”… pic.twitter.com/tuwIIgk393— The Nobel Prize (@NobelPrize) October 14, 2024
Academic Contributions And Collaborations
Daron Acemoglu and Simon Johnson are affiliated with the Massachusetts Institute of Technology, while James Robinson holds a position at the University of Chicago. Recently, Acemoglu and Johnson collaborated on a book that examines technological advancements throughout history. Their work illustrated how some technologies are more effective than others in generating employment and distributing wealth.
The Legacy Of The Nobel Economics Prize
Although the economics prize was not part of the original accolades established by Alfred Nobel‘s will in 1901, it was created later, funded by Sweden’s central bank in 1968. Over the years, it has been awarded to many influential economists, including Milton Friedman and John Nash, the latter of whom was portrayed by Russell Crowe in the film “A Beautiful Mind.” More recently, the prize was awarded to Harvard economist Claudia Goldin in 2023 for her research on wage and labor market disparities between men and women.
The trend of U.S.-based scholars dominating the Nobel Prize in Economics continues, reflecting a broader pattern where American researchers also represent a significant proportion of awardees in other scientific disciplines.
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