Three US-based academics receive 2024 Nobel Prize in Economics
Date
10/15/2024 2:40:47 AM
(MENAFN) Three US-based academics were awarded the 2024 Nobel Prize in Economics on Monday for their groundbreaking research on the persistence of inequality across the globe, particularly in nations troubled by corruption and authoritarian regimes. Simon Johnson, James Robinson, and Daron Acemoglu, all dual citizens with British and Turkish-American backgrounds, were recognized for their work on "how institutions shape and influence prosperity," as announced by the Royal Swedish Academy of Sciences. Their research has shed light on the role institutions play in fostering or hindering economic development.
According to Jacob Svensson, chair of the Economics Prize Committee, reducing the vast income inequality between countries remains one of the most pressing challenges of our time. The prize committee emphasized the laureates' contributions in highlighting the significance of strong social institutions for achieving sustainable economic growth and reducing inequality. Svensson noted during the award announcement that the winners had "identified the historical roots of weak institutional environments" in many lower-income countries, providing a deeper understanding of how institutional weaknesses contribute to economic disparities.
At the press conference following the award announcement, Acemoglu pointed to data gathered by pro-democracy organizations that reflect the weakening of public institutions and the erosion of the rule of law in several regions around the world. He remarked on the current challenges facing democracies, emphasizing the importance of restoring effective governance and fulfilling the promises of democracy for a broader population. Acemoglu stressed that better governance is crucial in a time when democratic institutions are facing significant pressure and decline.
Acemoglu and Johnson are both affiliated with the Massachusetts Institute of Technology (MIT), while Robinson is based at the University of Chicago. The Nobel Prize in Economics, worth 11 million Swedish kronor ($1.1 million), is the final Nobel award announced this year. Unlike the original Nobel Prizes in Science, Literature, and Peace, which were established in the will of Alfred Nobel and first awarded in 1901, the Economics Prize was created by the Swedish central bank in 1968 to honor contributions in economic sciences.
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