US-based Acemoglu, Johnson and Robinson win 2024 Nobel Prize for Economics

Daron Acemoglu, Simon Johnson and James Robinson have won the 2024 Nobel Prize in economics “for studies of how institutions are formed and affect prosperity”, the Royal Swedish Academy of Sciences says. The award, formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was awarded on Monday in Stockholm. It is the final prize to be given out this year and is worth Swedish kronor 11 million ($1.1million).

“Reducing the vast differences in income between countries is one of our time’s greatest challenges,” Jakob Svensson, chairman of the Committee for the Prize in Economic Sciences, said in a statement.

“The laureates have demonstrated the importance of societal institutions for achieving this,” Svensson added.

All three winners work in the United States. Acemoglu and Johnson work at the Massachusetts Institute of Technology while Robinson conducts his research at the University of Chicago.

“I am delighted. It’s just a real shock and amazing news,” Acemoglu told reporters via telephone after the announcement.

Economics analyst Nina Skero said what was “relatively novel” in the trio’s approach was how they looked for examples of “natural experiments in historic examples”.

“Some of their work looks at time periods of colonisation and the types of institutions that countries that were colonisers implemented in those colonies,” Skero, chief executive officer at Centre for Economics and Business Research, told Al Jazeera. (Al Jazeera)

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