Daron Acemoglu, Simon Johnson, and James Robinson have been awarded the 2024 Nobel Prize in Economics for their groundbreaking research on the formation and impact of institutions on prosperity. The Royal Swedish Academy of Sciences announced the winners on Monday, October 14, 2024.
The prestigious prize, worth 11 million Swedish crowns ($1.1 million), recognizes the trio’s contributions to understanding how societal institutions shape economic development and inequality. Their work has shed light on the crucial role of institutions in fostering economic growth and reducing disparities between countries.
“Reducing the vast differences in income between countries is one of our time’s greatest challenges,” said Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences. “The laureates have demonstrated the importance of societal institutions for achieving this.”
The Nobel Prize in Economics, formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is the final prize to be awarded this year. It was established in 1968 and is funded by the Swedish central bank.
Previous winners of the economics prize include influential thinkers such as Milton Friedman, John Nash, and Ben Bernanke. The award has been dominated by US academics since its inception, and US-based researchers have also been prominent in other scientific fields for which 2024 laureates were announced last week.
