The Nobel Prize in Economics, which closes the 2024 season, rewarded Turkish-American Daron Acemoglu and British-Americans Simon Johnson and James A. Robinson on Monday for their research on differences in prosperity between nations.
The researchers, all three based in the United States, were distinguished ‘for their studies on institutions and the way they affect prosperity’, the jury explained in its conclusions.
‘Reducing the huge income differences between countries is one of the greatest challenges of our time. The winners showed the importance of institutions in achieving this,’ said Jakob Svensson, chairman of the economics prize committee, quoted in a press release.
‘This year’s winners have pioneered new approaches, both empirical and theoretical, that have significantly advanced our understanding of global inequality,’ Mr. Svensson told the press.
By examining the different political and economic systems introduced by European colonizers, the three economists were able to highlight a link between institutions and prosperity, the committee said in its press release.
Mr. Acemoglu, 57, is a professor at the Massachusetts Institute of Technology (MIT), as is Mr. Johnson, 61. Mr. Robinson, 64, is a professor at the University of Chicago.
‘This is a real shock and extraordinary news. Thank you,’ responded Mr. Acemoglu when questioned by the Nobel committee.
The only one not to have been included in Alfred Nobel’s will, the economics prize was created by the Swedish Central Bank ‘in memory’ of the inventor.
The winners receive a check for 11 million crowns (920,000 euros), to be shared in the event of multiple winners.
/ATS
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