Acemoglu, Johnson, and Robinson are highly influential economists and political scientists, particularly known for their collaborations on the relationship between political institutions, economic development, and long-term prosperity.
Daron Acemoglu, Simon Johnson, and James A. Robinson have been awarded the 2024 Nobel Prize in Economics for their groundbreaking research on how institutions shape the economic success of nations. The trio’s work has provided valuable insights into why some countries prosper while others struggle, earning them the prestigious $1 million prize, presented at a press conference in Stockholm on October 14, 2024.
The Royal Swedish Academy of Sciences, which selects the winners, praised the economists for addressing one of the most pressing challenges of our time: the vast income disparities between nations. “The laureates have demonstrated the importance of societal institutions for a country’s prosperity,” stated Jakob Svensson, Chair of the Prize Committee. Their research highlights how poor rule of law and exploitative institutions hinder economic growth and development.
Acemoglu, a professor at MIT, Johnson, also from MIT, and Robinson, from the University of Chicago, are well known for their collaborative work on the relationship between political institutions, economic development, and long-term prosperity. Their influential book, Why Nations Fail, examines wealth inequality and explores how technological advancements can either create jobs and spread wealth or exacerbate disparities.
Acemoglu expressed surprise at the award, stating during a phone interview from Athens that he was “shocked” by the news.
The Nobel Prize in Economics: A Later Addition
Unlike the original Nobel Prizes established by Alfred Nobel in 1895, the economics prize was created in 1968 through an endowment from Sweden’s central bank. Since then, the award has been granted 55 times, recognizing 93 laureates. The United States has dominated the Nobel economics field, with 68 American recipients, followed by the United Kingdom, Canada, and France.
Notable past laureates include economists Friedrich Hayek, Milton Friedman, and Amartya Sen, whose work shaped various schools of economic thought. Last year’s prize went to Claudia Goldin, a Harvard professor known for her research on women’s roles in the labor market.
However, the prize has faced criticism. Some argue that Alfred Nobel, known for his humanitarian interests, never intended for economics to be recognized in the same manner as his other prizes. The award has also been criticized for favoring certain economic ideologies, with some previous winners being blamed for promoting policies that contributed to inequality and financial instability.
Award Ceremony in December
Acemoglu, Johnson, and Robinson will receive their Nobel medals, certificates, and prize money at a formal ceremony in Stockholm on December 10, the anniversary of Alfred Nobel’s death in 1896. This marks the conclusion of the 2024 Nobel season, following the awarding of prizes in medicine, physics, chemistry, literature, and peace.