The 2024 Nobel Prize in Economic Sciences was awarded to economists Daron Acemoglu, Simon Johnson, and James A. Robinson for their research on how societal institutions impact national prosperity. Their work, recognized for highlighting the importance of strong legal frameworks and inclusive institutions, demonstrates that exploitative systems hinder sustainable economic growth. Acemoglu and Johnson are affiliated with MIT, while Robinson is a professor at the University of Chicago. Their influential research, including the book 'Why Nations Fail,' argues that democratic institutions foster economic development, although they caution that democracy alone is not a panacea. The award underscores the critical role of governance and institutional quality in addressing global income disparities, offering insights for policymakers worldwide. The trio will share a prize of approximately $1.1 million.