World News: In a significant acknowledgment of their groundbreaking work, Daron Acemoglu, Simon Johnson, and James Robinson, US-based scholars, have been awarded the 2024 Nobel Prize in Economic Sciences. The Royal Swedish Academy of Sciences honored the trio for their extensive studies on the role of institutions in shaping economic prosperity. The prize, worth 11 million Swedish crowns (approximately $1.1 million), underscores the critical importance of institutions in reducing global income inequality.BREAKING NEWSThe Royal Swedish Academy of Sciences has decided to award the 2024 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Daron Acemoglu, Simon Johnson and James A. Robinson “for studies of how institutions are formed and affect prosperity.”… pic.twitter.com/tuwIIgk393— The Nobel Prize (@NobelPrize) October 14, 2024Nobel committee recognizes importance of institutionsJakob Svensson, Chair of the Nobel Committee for Economic Sciences, emphasized, “Reducing the vast differences in income between countries is one of our times greatest challenges. The laureates have demonstrated the importance of societal institutions for achieving this.” The academy highlighted how societies with weak institutional frameworks often struggle to foster economic growth, while those with sound governance and rule of law prosper.Acemoglu, Johnson, and Robinsons pioneering researchAcemoglu and Johnson, both professors at the Massachusetts Institute of Technology (MIT), and Robinson from the University of Chicago, have long collaborated on research. Their joint work, including a recent book on the impact of technological advances on employment and wealth distribution, has contributed to their prestigious recognition.Legacy of the nobel prize in economicsThe Nobel Prize in Economic Sciences, officially known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, has a rich history, dating back to 1968. The laureates join a distinguished list of past recipients, including John Nash and Milton Friedman. This years award continues the trend of US-based scholars leading the field of economics.
