Nobel Economics prize honors a trio studying social institutions
For the 56th time, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was awarded, following a procedure similar to that of the other Nobel Prizes. This year, the Nobel went to economists Daron Acemoglu, Simon Johnson, and James A. Robinson. These researchers have studied the importance of social institutions for a country's prosperity.
8:49 AM EDT, October 14, 2024
The Alfred Nobel Memorial Prize in Economic Sciences was given to Daron Acemoglu, Simon Johnson, and James A. Robinson. Acemoglu and Johnson conduct research at the Massachusetts Institute of Technology (MIT), and Robinson is affiliated with the University of Chicago in Illinois.
They highlighted the significance of social institutions for a country's prosperity. Societies with weak rules of law and institutions that exploit the population do not foster growth or positive change. The laureates' research illustrates why this occurs, as announced by the Nobel Committee of the Royal Swedish Academy of Sciences on Monday.
The Nobel Prize in Economics is the only award that Alfred Nobel did not mention in his will. The Bank of Sweden funds it.
In 2023, the prize was awarded to Prof. Claudia Goldin from Harvard University. She was recognized for "advanced our understanding of women’s labour market outcomes, but instead forms a U-shaped curve."
In 2022, Ben S. Bernanke, Douglas W. Diamond, and Philip H. Dybvig were awarded the Nobel Prize in Economics for their "research on banks and financial crises."
