2024 Nobel Prize in Economics Awarded to Acemoglu, Johnson, and Robinson for Research on Institutions and Economic Prosperity

The Royal Swedish Academy of Sciences on Monday, October 14, announced the Nobel Prize in Economics to three personalities, including Daron Acemoglu, Simon Johnson and James A. Robinson. All three experts studied how institutions are formed and how they affect prosperity.

In their research, they have explained how institutions play an important role in the prosperity of a country. Last year, Harvard University professor Claudia Goldin was awarded the 2023 Nobel Prize in Economics.

According to research by Daron Acemoglu, Simon Johnson and James A. Robinson, lack of law enforcement in a society and institutions created to exploit the population block economic development. The study of experts helps to understand the reasons why some countries move rapidly on the path of prosperity and why other countries lag behind. The main objective of their research is to show that building democracy and inclusive institutions is an important way to promote economic development.

The announcement of the 2024 Nobel Prizes began on Monday. On the first day, American scientists Victor Ambrose and Gary Ruvkun were awarded the Nobel Prize for Medicine. On Tuesday, John Hopfield and Geoffrey Hinton received the Nobel Prize in Physics. On Wednesday, David Baker, Demis Hassabis and John Jumper were announced to be awarded the Nobel Prize in Chemistry. On Thursday, South Korean writer Han Kang was awarded the 2024 Nobel Prize for Literature.