Acemoglu, Johnson, Robinson Win Nobel Economics Prize

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 formation of institutions and their impact on economic prosperity. The Nobel committee recognized that their work elucidates how societal institutions influence prosperity, particularly highlighting that nations with poor rule of law and exploitative institutions struggle to achieve growth. The prize, which amounts to 11 million Swedish kronor (approximately $1.1 million), underscores the importance of promoting democracy and inclusive institutions as pathways to economic development. Acemoglu and Johnson are affiliated with the Massachusetts Institute of Technology, while Robinson is based at the University of Chicago. The announcement was made in Stockholm, concluding this year's Nobel awards season, which celebrates significant contributions across various fields.