The Nobel Prize in Economic Sciences for 2024 was awarded to Daron Acemoglu, Simon Johnson, and James A. Robinson for their significant research on how societal institutions impact national prosperity and inequality. The Royal Swedish Academy of Sciences highlighted that societies with weak rule of law and exploitative institutions do not achieve sustainable growth. Their findings suggest that historical colonization and the formation of institutions have lasting effects on a country's economic trajectory. Acemoglu, originally from Türkiye, expressed surprise at the honor and emphasized the importance of democratic institutions, while acknowledging the complexities involved in implementing democracy. The prize, valued at approximately $1.1 million, recognizes the critical role of institutional quality in addressing global income disparities. The laureates' work has become essential in understanding economic development and governance dynamics worldwide.