The 2024 Award In Economics
The 2024 Nobel Prize in Economics was awarded to three researchers for their studies on how institutions are formed and their impact on social welfare.
The Royal Swedish Academy of Sciences announced that Daron Acemoglu, Simon Johnson, and James Robinson “were jointly awarded the prize for their research on the formation of institutions and their impact on welfare.”
Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better. The laureates’ research helps us understand why.” The economics award originated in 1969 and is formally named the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
In a joint paper published in 2004 by the National Bureau of Economic Research, Acemoglu, Johnson and Robinson developed the “empirical and theoretical case” that economic institutions play a fundamental role in the differences in economic development around the world: “Economic institutions encouraging economic growth emerge when political institutions allocate power to groups with interests in broad-based property rights enforcement, when they create effective constraints on power-holders, and when there are relatively few rents to be captured by power-holders.”
Daron Acemoglu, born in 1967 in Istanbul, Turkey, is a professor at the Massachusetts Institute of Technology (MIT) in the United States. Simon Johnson, born in 1963 in Sheffield, UK, is also a research professor at the same university. James Robinson, born in 1960 in the United States, is a professor at the University of Chicago in the United States.