Turkish-born Daron Acemoğlu, Simon Johnson, and James Robinson gained the 2024 Nobel Economics Prize for analysis into variations in prosperity between nations, the Royal Swedish Academy of Sciences introduced on Monday.
The three economists “have demonstrated the importance of societal institutions for a country’s prosperity,” the Nobel committee of the Royal Swedish Academy of Sciences stated.
“Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better. The laureates’ research helps us understand why,” it added.
Acemoğlu and Johnson work on the Massachusetts Institute of Technology (MIT) and Robinson conducts his analysis on the University of Chicago.
“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,” stated Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences.
The economics prize is formally often known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. The central financial institution established it in 1968 as a memorial to Nobel, the Nineteenth-century Swedish businessman and chemist who invented dynamite and established the 5 Nobel Prizes.
Though Nobel purists stress that the economics prize is technically not a Nobel Prize, it’s all the time introduced along with the others on Dec. 10, the anniversary of Nobel’s demise in 1896.
The prestigious award is the ultimate prize to be given out this 12 months and is value 11 million Swedish crowns ($1.1 million).
Past winners embody a number of influential thinkers corresponding to Milton Friedman, John Nash – performed by actor Russell Crowe within the 2001 movie “A Beautiful Mind” – and, extra lately, former U.S. Federal Reserve (Fed) Chair Ben Bernanke.
Last 12 months, Harvard financial historian Claudia Goldin gained the prize for her work highlighting the causes of wage and labor market inequality between women and men.
The economics prize has been dominated by U.S. teachers since its inception, whereas U.S.-based researchers additionally are likely to account for a big portion of winners within the scientific fields.
Nobel honors had been introduced final week in medication, physics, chemistry, literature and peace.
U.S. scientists Victor Ambros and Gary Ruvkun gained the prize for medication, whereas Japan’s Nihon Hidankyo, a company of survivors from Hiroshima and Nagasaki who campaigned for the abolition of nuclear weapons, gained the award for peace.
Source: www.dailysabah.com