Nobel Prize in Economics Awarded to Trio for Research on Prosperity, Failure
Three economists, Daron Acemoglu, Simon Johnson, and James A. Robinson, have been awarded the Nobel Memorial Prize in Economic Sciences for their groundbreaking research into the factors that determine a nation’s prosperity, The Associated Press reports.
The Royal Swedish Academy of Sciences recognized the trio’s work on the crucial role of societal institutions in shaping economic outcomes.
“Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better. The laureates’ research helps us understand why,” the Nobel committee said.
Acemoglu and Johnson are affiliated with the Massachusetts Institute of Technology, while Robinson works at the University of Chicago. Their research has shed light on the complex interplay between institutions, governance, and economic development, offering valuable insights into the reasons behind the vast disparities in income between nations.
“Reducing the vast differences in income between countries is one of our time’s greatest challenges,” said Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences. “The laureates have demonstrated the importance of societal institutions for achieving this.”
Their work has provided a deeper understanding of the root causes of both success and failure in nations, offering crucial information for policymakers seeking to promote sustainable economic growth and improve global equity.
The Nobel Memorial Prize in Economic Sciences, formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968. While technically not a Nobel Prize, it is presented alongside the other Nobel Prizes on December 10, the anniversary of Alfred Nobel’s death.
The economics prize joins the other Nobel Prizes awarded last week, recognizing achievements in medicine, physics, chemistry, literature, and peace.
