2024 Nobel Prize in Economics Awarded

Aakhir Tak – In Shorts

The 2024 Nobel Prize in Economics has been awarded to Daron Acemoglu, Simon Johnson, and James A. Robinson. Their research demonstrates that institutions play a crucial role in economic development. Strong and inclusive institutions foster national prosperity, according to their findings.

Aakhir Tak – In Depth

The Royal Swedish Academy of Sciences has awarded the 2024 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Daron Acemoglu, Simon Johnson, and James A. Robinson. The recipients have been recognized for their groundbreaking research on how institutions are formed and their significant impact on economic prosperity. Their work reveals how societal institutions shape a nation’s economic development.

Acemoglu, Johnson, and Robinson have demonstrated that strong, inclusive institutions foster growth and progress. Conversely, countries with weak rule of law and exploitative institutions tend to stagnate. Their research explains why some countries prosper while others struggle economically.

The laureates have shown that institutions are deeply important in determining a nation’s fate, making their research essential for understanding sustainable development. The 2024 Nobel Prize, officially named the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, carries a reward of 11 million Swedish crowns.

The Royal Swedish Academy of Sciences highlighted that the work of Acemoglu, Johnson, and Robinson helps us understand the critical role of well-functioning institutions in a country’s prosperity. “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,” says Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences.

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