Nobel economics prize goes to Aron Acemoglu-Simon Johnson and James A. Robinson for their groundbreaking research on institutions and economic growth.
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Nobel Economics Prize 2024: Nobel economics prize goes to Aron Acemoglu-Simon Johnson and James A. Robinson
The 2024 Nobel economics prize has been awarded to US-based academics Daron Acemoglu, Simon Johnson, and James Robinson “for studies of how institutions are formed and affect prosperity”, said the Royal Swedish Academy of Sciences on Monday.
The last of the prizes to be awarded this year is the Nobel Prize in Economics, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. It is worth 11 million Swedish crowns, which works out to about $1.1 million.
“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,” Chairman of the Committee for the Prize in Economic Sciences, Jakob Svensson said in his statement.
“Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better,” the award organisers added on their website.
A Moment of Joy for Nobvel Winners: Nobel economics prize goes to Aron Acemoglu-Simon Johnson and James A. Robinson
All three authors are based at celebrated institutions of learning: Daron Acemoglu and Simon Johnson at the Massachusetts Institute of Technology, and James Robinson at the University of Chicago.
Acemoglu and Johnson recently co-authored a book called A General Theory of Economic Development that surveys technology through the ages and shows, with lots of graphs and numbers, how some technological advances are better at creating jobs and spreading wealth than others.
The economics award is not one of the original prizes for science, literature, and peace created in the will of dynamite inventor and businessman Alfred Nobel, which first awarded their laureates in 1901, but a later addition funded by Sweden’s central bank since 1968.
Past Sveriges Riksbank Prize in Economic Sciences winners include Milton Friedman, John Nash – whose life was pictured in the 2001 film “A Beautiful Mind,” starring actor Russell Crowe – and, more recently, former U.S. Federal Reserve Chairman Ben Bernanke.
Just last year, Harvard economic historian Claudia Goldin received the award for her research on the reasons for wage and labor market inequality between men and women.
The economics prize was dominated from the outset by U.S. academics. Much the same can be said for U.S.-based researchers in the scientific fields for which 2024 laureates were announced last week-for them as well, the American-dominated listing seems to be a significant factor.
The harvest of prizes started with US scientists Victor Ambros and Gary Ruvkun who were awarded the medicine prize on Monday and ended with Japan’s Nihon Hidankyo, an organisation of survivors from Hiroshima and Nagasaki who campaigned for the abolition of nuclear weapons, who bagged the peace prize on Friday. ($1 = 10.3967 Swedish crowns)
Nobel economics prize goes to Aron Acemoglu-Simon Johnson and James A. Robinson
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