The 2024 Nobel Prize in Economics honors researchers on institutions

The Royal Swedish Academy of Sciences recently announced the list of three American economists honored at the 2024 Nobel Prize in Economics, including: Daron Acemoglu, Simon Johnson and James Robinson.

According to the official announcement on October 14 (local time), the 2024 Sveriges Riksbank Prize (the official name of the Nobel Prize in Economics) was officially awarded to three American economists, Daron Acemoglu, Simon Johnson and James Robinson "for their research on how institutions form and influence prosperity".

Mr. Daron Acemoglu was born in 1967 in Istanbul, Turkey. He received his PhD in 1992 from the London School of Economics and Political Science (UK). He is currently a professor at the Massachusetts Institute of Technology (USA).

Mr. Simon Johnson was born in 1963 in Sheffield, England. He received his PhD in 1989 from the Massachusetts Institute of Technology (USA) and is currently teaching at this school.

Mr. James Robinson was born in 1960. He received his PhD in 1993 from Yale University (USA) and is currently a professor at the University of Chicago (USA).

The Nobel Assembly said the research of this year's three winners of the Nobel Prize in Economics demonstrated the importance of social institutions for a country's prosperity. Societies with weak rule of law and institutions that exploit people do not produce growth or positive change.

"Narrowing the income gap between countries is one of the greatest challenges of our time, and thanks to the groundbreaking research of Daron Acemoglu, Simon Johnson and James Robinson, we now understand much more deeply why countries prosper or suffer," said Jakob Svensson, Chairman of the Nobel Committee for Economic Sciences.

Last year, the Nobel Prize in Economics was awarded to American economist Claudia Goldin for her work on the role of women in the workforce. She is the third female scientist to be awarded the Nobel Prize in Economics.

Previously, two female authors received this noble award: Elinor Ostrom (2009) and Esther Duflo (2019).

The first Nobel Prize in Economics was awarded in 1969. To date, 55 Nobel Prizes in Economics have been awarded to 93 individuals. The youngest person to ever win this prestigious award was Esther Duflo (46 years old), while the oldest person to ever be honored was economist Leonid Hurwicz (90 years old).

The NobelEconomics Prize is the prize that closes this year's Nobel "season". The 2024 Nobel Prize ceremony will be held on December 10 in Stockholm, Sweden, the anniversary of Alfred Nobel's death in 1896. Each winner will receive a medal, a diploma, and a prize money of up to 11 million Swedish krona (equivalent to 1.1 million USD).

According to Intellectual Property and Innovation

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