The 2024 Nobel Prize in Economics was awarded to Daron Acemoglu, Simon Johnson, and James A. Robinson for their significant research on the formation of institutions and their influence on economic prosperity. The Royal Swedish Academy of Sciences highlighted their findings that effective societal institutions are vital for a country's growth, while poor governance leads to stagnation. The award, worth $1 million, marks the conclusion of the 2024 Nobel season, which also recognized achievements in various other fields. Acemoglu and Johnson are professors at MIT, while Robinson teaches at the University of Chicago. Since its inception in 1969, this prize has been awarded to a total of 96 recipients, reflecting its importance in the economic sciences.