Turkish-American Acemoglu, Johnson, Robinson receive 2024 Nobel Prize in economics
Daron Acemoglu, a dual citizen of Türkiye and United States, Simon Johnson, and James Robinson have been awarded the 2024 Nobel Prize in Economics for their influential research on how institutions are formed and how they influence prosperity.
The Royal Swedish Academy of Sciences made the announcement on October 14, recognizing their groundbreaking work on the political and economic factors that shape nations’ success or failure.
Nobel committee honors economists for work on institutions, prosperity
The award, formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, highlights the trio’s contribution to the understanding of institutions and their pivotal role in economic development.
The academy explained that the prize was given “for studies of how institutions are formed and affect prosperity,” shedding light on why some countries excel economically while others falter. The Nobel Committee also praised their work for explaining why societies with poor rule of law and institutions that exploit the population do not generate growth or change for the better.
Their research also examined how colonization led to changes in the institutions of many societies, with some aimed at exploitation, while others laid the groundwork for inclusive political and economic systems.
The committee emphasized that differences in prosperity between countries can often be traced back to whether they developed “inclusive institutions” or “extractive institutions” during this period.
2024 Nobel Prize in Economics winners share $1 million prize
Acemoglu, Johnson, and Robinson will share an 11 million Swedish kronor prize (around $1 million). Their collective research emphasizes the role of political and economic institutions in shaping prosperity, with their studies providing valuable insights into how institutional frameworks can drive or hinder national development.
Their influential 2012 book, “Why Nations Fail”, also played a key role in getting the 2024 Nobel Prize in Economics. In it, Acemoglu and Robinson argue that differences in political and economic institutions explain why some countries are wealthier than others.
The Royal Swedish Academy of Sciences praised their research as offering vital perspectives for understanding economic inequality between nations.
2024 Nobel Prize in Economics concludes this year’s awards
This year’s economics prize marks the end of the 2024 Nobel announcements, which included honors in medicine, physics, chemistry, literature, and peace.
The economics prize, which has been awarded since 1969, is traditionally presented along with the other Nobel prizes on December 10, the anniversary of Alfred Nobel’s death.
Last year, Harvard professor Claudia Goldin became only the third woman to receive the 2024 Nobel Prize in Economics for her research on gender differences in labor market outcomes.
Her work, which used over 200 years of U.S. data, highlighted how the gender pay gap has shifted, with recent disparities being driven by differences within the same occupation, particularly after women have children.
