The 2024 Nobel Prize in Economics was awarded to Daron Acemoglu of MIT, Simon Johnson of MIT, and James A. Robinson of the University of Chicago for their groundbreaking research on the fundamental causes of political and economic development across countries. Their work has shed light on why some nations prosper while others remain mired in poverty. Acemoglu, Johnson, and Robinson developed a framework that emphasizes the importance of inclusive political and economic institutions in promoting sustained economic growth and shared prosperity. They demonstrated how extractive institutions, which concentrate power and wealth in the hands of a few, often lead to economic stagnation and societal unrest. Their research has had a profound impact on our understanding of the complex interplay between politics, economics, and societal progress. The Nobel committee praised their work for providing “a new lens through which to view the wealth and poverty of nations.” Their insights have influenced policymakers worldwide in designing reforms aimed at fostering more inclusive and sustainable development.
Source: https://www.cnn.com/2024/10/14/business/nobel-prize-economics-acemoglu-johnson-robinson/index.html