The 2024 Nobel Memorial Prize in Economic Sciences has been awarded to Daron Acemoglu, Simon Johnson, and James A. Robinson for their research on the impact of societal institutions on national prosperity. Their work emphasizes that countries with poor rule of law and exploitative institutions struggle to achieve economic growth, while inclusive institutions foster long-term benefits for society. The laureates argue that the legacy of colonialism has resulted in diverse institutional frameworks that affect contemporary economic outcomes, with many nations trapped in a cycle of extractive institutions. The prize, worth 11 million Swedish crowns, is seen as a critical recognition of the role that effective governance plays in addressing global income disparities. The economists are affiliated with prestigious institutions, including MIT and the University of Chicago, and their insights are expected to guide future efforts in promoting economic development.