The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2024 to

Daron Acemoglu
Massachusetts Institute of
Technology, Cambridge, USA

Simon Johnson
Massachusetts Institute of
Technology, Cambridge, USA

James A. Robinson
University of Chicago, IL, USA

The Royal Swedish Academy of Sciences has recently announced the recipients of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for the year 2024. This prestigious award has been conferred upon Daron Acemoglu and Simon Johnson from the Massachusetts Institute of Technology, Cambridge, USA, along with James A. Robinson from the University of Chicago, IL, USA. The trio has been recognized for their groundbreaking studies on how institutions are formed and their impact on prosperity. Their work has significantly contributed to our understanding of the variations in prosperity between nations.

Daron Acemoglu, Simon Johnson, and James A. Robinson have dedicated their research to unraveling the complex interplay between institutions and economic prosperity. Their work sheds light on the fundamental question of why nations fail and how institutional structures play a pivotal role in shaping the economic outcomes of countries.

The award-winning scholars have delved into the intricate mechanisms through which institutions are established and how they subsequently influence the economic trajectories of nations. Their research has underscored the critical importance of inclusive institutions in fostering sustainable economic development and prosperity. By examining historical and contemporary data, they have unearthed empirical evidence to support their theories, providing valuable insights into the factors that underpin the success or failure of nations.

Moreover, their studies have emphasized the far-reaching implications of institutional arrangements on various aspects of societal well-being, including income distribution, political stability, and overall economic performance. By unraveling the intricate relationship between institutions and prosperity, Acemoglu, Johnson, and Robinson have laid the groundwork for a more nuanced understanding of the underlying drivers of economic success and failure at the national level.

The significance of their research extends beyond the realm of academia, as it has profound implications for policymakers, economists, and global leaders. Their findings offer valuable guidance for formulating strategies aimed at fostering inclusive institutions that can catalyze sustainable economic growth and mitigate the risk of institutional decay.

In conclusion, If their academic insights can become the playbook of nations currently suffering; their evidence-based policy decisions would perhaps turn around the predicted economic global gloom of media organizations.