Acemoglu, Johnson, Robinson Win Nobel Economics Prize

The 2024 Nobel Prize in Economic Sciences has been awarded to Daron Acemoglu, Simon Johnson, and James A. Robinson for their significant research on the impact of institutions on global wealth inequality. The Royal Swedish Academy of Sciences highlighted their findings on how weak societal institutions and poor rule of law hinder growth, particularly in low-income countries. Acemoglu, Johnson, and Robinson, associated with MIT and the University of Chicago, emphasized the pressing challenge of reducing income disparities between nations. The prize, worth 11 million Swedish crowns ($1.1 million), encapsulates their contributions to understanding the historical roots of institutional failures. This award rounds off the 2024 Nobel season, which also recognized advancements in AI, literature, and peace efforts. Acemoglu expressed surprise and honor at receiving the award, underlining the importance of democracy in fostering economic prosperity.