The 2024 Nobel Prize in Economic Sciences has been awarded to Daron Acemoglu, Simon Johnson, and James A. Robinson for their pivotal research on the impact of societal institutions on national prosperity. Their studies reveal that the quality of institutions, particularly those established during colonization, plays a crucial role in explaining why some countries thrive economically while others struggle. As noted by the Royal Swedish Academy of Sciences, societies with weak rule of law and exploitative institutions fail to achieve sustainable growth. The laureates emphasize that reducing global income inequality is a significant challenge that can be addressed by promoting inclusive political and economic systems. Their work provides insights into the dynamics of elite resistance to reform and the potential for institutional evolution. This recognition underscores the necessity of strong governance and democratic institutions in fostering economic development.