The Nobel Committee announced the winners of the 2024 Nobel Prize in Economic Science during a press conference at the Karolinska Institute in Stockholm, Sweden, on October 14, 2024. This year, the prestigious award was granted to Daron Acemoglu, Simon Johnson, and James Robinson for their groundbreaking work on the impact of institutions on welfare and wealth inequality between nations.
Daron Acemoglu and Simon Johnson, both professors at the Massachusetts Institute of Technology, along with James Robinson, the director of the University of Chicago’s Pearson Institute for the Study and Resolution of Global Conflicts, received recognition for their research that highlights the significance of societal institutions in a country’s prosperity. Their work has shed light on why societies with weak rule of law and exploitative institutions fail to foster growth or positive change.
Acemoglu and Robinson co-authored the influential book “Why Nations Fail: The Origins of Power, Prosperity, and Poverty” in 2012, delving into the roots of inequality and the factors that contribute to a nation’s success in accumulating wealth and influence. Their pioneering empirical and theoretical approaches have significantly advanced the understanding of global inequality, as noted by Jakob Svensson, director and professor of economics at Stockholm University’s Institute for International Economic Studies.
The persistent gap between wealthy and impoverished nations has long been a pressing issue in the social sciences, and the work of Acemoglu, Johnson, and Robinson has contributed immensely to addressing this urgent concern. Their research has paved the way for a more comprehensive understanding of the complexities surrounding economic disparities on a global scale.
The laureates will each receive a monetary award of 11 million Swedish kronor ($1.058 million) from the Swedish central bank, which will be shared equally among them. This year’s award follows the precedent set in 2022 when U.S.-based economists Ben Bernanke, Douglas Diamond, and Philip Dybvig were honored for their research on banks and financial crises.
In 2023, economist and historian Claudia Goldin received the economics Nobel for her contributions to advancing the understanding of women’s earnings and labor market outcomes. The 2024 Nobel Peace Prize was awarded to Japanese atomic bomb survivor organization Nihon Hidankyo for its tireless efforts to eliminate nuclear weapons from the world.
Established in 1968, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel is a prestigious honor that recognizes work of outstanding importance in the field of economics. Chosen by the Royal Swedish Academy of Sciences, the award highlights the significant impact of research that enhances our understanding of economic and social phenomena.
