WORLD NEWS
The Royal Swedish Academy of Sciences announced that Daron Acemoglu, Simon Johnson, and James Robinson have been awarded the 2024 Nobel Prize in Economic Sciences for their influential research on the formation of institutions and their significant impact on prosperity. The prestigious award, formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is valued at 11 million Swedish crowns (approximately $1.1 million).
Significance of Their Work
The Nobel Committee highlighted that the laureates’ work addresses one of the most pressing challenges of our time: reducing income disparities between nations. “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,” remarked Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences.
The studies conducted by Acemoglu, Johnson, and Robinson explore how political and economic institutions are created and how they influence economic outcomes. Their research emphasizes that well-functioning institutions, which protect property rights, promote fair competition, and encourage innovation, are crucial for fostering economic growth and reducing poverty.
A Brief History of the Prize
The Nobel Prize in Economics was established in 1968 by Sweden’s central bank, the Sveriges Riksbank, and is not one of the original prizes created by Alfred Nobel’s will in 1895. The first economics prize was awarded in 1969, and since then, it has recognized numerous influential economists, including Milton Friedman and John Nash, the latter famously portrayed by actor Russell Crowe in the 2001 film A Beautiful Mind.
In 2023, the prize was awarded to Harvard economic historian Claudia Goldin for her significant contributions to understanding wage and labor market inequality between men and women.
Dominance of US Academics
The economics prize has been predominantly awarded to US-based researchers since its inception. This year’s recognition continues this trend, aligning with the larger pattern seen across the scientific fields. The week of Nobel announcements began with US scientists Victor Ambros and Gary Ruvkun winning the prize for medicine and concluded with Japan’s Nihon Hidankyo, an organization of survivors from Hiroshima and Nagasaki, receiving the peace prize for their advocacy against nuclear weapons.
The achievements of Acemoglu, Johnson, and Robinson underscore the vital role that institutions play in shaping economic landscapes and the potential for informed policy to address income inequality across the globe.
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