3 Economists Awarded Nobel Prize 3 Economists Awarded Nobel Prize
Daron Acemoglu, Simon Johnson, and James Robinson have been awarded the 2024 Nobel Prize in Economic Sciences, formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. The Royal Swedish Academy of Sciences announced their recognition for their research on how institutions are formed and their impact on prosperity. The prize, valued at 11 million Swedish crowns (approximately $1.1 million), is the last major award to be presented this year.
Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences, emphasized the significance of the laureates’ work: “Reducing the vast differences in income between countries is one of our time’s greatest challenges. The laureates have demonstrated the importance of societal institutions for achieving this.” The committee further noted that societies lacking a strong rule of law and institutions that exploit their populations struggle to achieve growth.
Acemoglu and Johnson are affiliated with the Massachusetts Institute of Technology, while Robinson is at the University of Chicago. The duo recently collaborated on a book examining how different technological advancements have influenced job creation and wealth distribution.
The economics prize, established in 1968 by Sweden’s central bank, is not one of the original awards created by Alfred Nobel’s will, which included prizes for science, literature, and peace. Notable past winners include Milton Friedman, John Nash (who inspired the film “A Beautiful Mind”), and former U.S. Federal Reserve Chairman Ben Bernanke. Last year, Harvard economic historian Claudia Goldin received the prize for her work on wage and labor market inequality between men and women.
The economics prize has predominantly recognized U.S. scholars, continuing a trend seen in other scientific fields, as evidenced by the recent 2024 laureates announced last week. The awards began with Victor Ambros and Gary Ruvkun winning the medicine prize and culminated with Japan’s Nihon Hidankyo, an organization of Hiroshima and Nagasaki survivors advocating for nuclear disarmament, receiving the peace prize.
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