Nobel Prize in economics 2024 awarded to trio for work on differences in prosperity between nations
CNN
A trio of economists was awarded the Nobel Prize Monday for their “studies of how institutions are formed and affect prosperity.”
A trio of economists was awarded the Nobel Prize Monday for their “studies of how institutions are formed and affect prosperity.” Daron Acemoglu, Simon Johnson and James Robinson will share the prize, which carries a cash award of 11 million Swedish kronor ($1 million). The Nobel Committee praised the trio for explaining why “societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better.” “When Europeans colonized large parts of the globe, the institutions in those societies changed,” the committee said, citing the trio’s work. While in many places this was aimed at exploiting the indigenous population, in other places it laid the foundations for inclusive political and economic systems. “The laureates have shown that one explanation for differences in countries’ prosperity is the societal institutions that were introduced during colonization,” the committee added. Countries that developed “inclusive institutions” have over time become prosperous, while those that developed “extractive institutions” have experienced persistently low economic growth.
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