The researchers Daron Acemoglu, Simon Johnson and James A. Robinson They won the 2024 Nobel Prize in Economics this Monday for their studies on how institutions are formed and how they affect the prosperity of nations, the Royal Swedish Academy of Sciences announced.
The three award-winning economists have investigated why societies where the rule of law does not function correctly are incapable of generating growth and prosperity, focusing on those territories that have suffered a colonial process.
Three researchers win the 2024 Nobel Prize in Economics for their studies on the prosperity of countries
“They have demonstrated the importance of social institutions for the prosperity of a country. Societies with a deficient rule of law and institutions that exploit the population do not generate growth or changes for the better. The research of the awardees helps us understand why,” added the Committee.
Jakob Svenssonpresident of the Economic Sciences Prize Committee, said this Monday that “reducing the enormous income differences between countries is one of the greatest challenges of our time” and assured that “the winners “They have demonstrated the importance of social institutions to achieve this.”
Svensson added that Acemoglu, Johnson and Robinson’s research has provided “a much deeper understanding of why countries fail or succeed”.
Acemoglu and Johnson they work in the Massachusetts Institute of Technology (MIT), while Robinson carries out his research in University of Chicago. The first two became famous in 2013 for the publication of a research titled “Why Countries Fail: The Origins of Power, Prosperity, and Poverty.”
“When Europeans colonized large parts of the world, the institutions of those societies changed. This was sometimes dramatic, but it did not happen in the same way everywhere” argued the Academy.
“The winners have shown that one explanation for the differences in the prosperity of countries is the social institutions that were introduced during colonization. Inclusive institutions were often introduced in countries that were poor when they were colonized, resulting over time in a generally prosperous population. “This is an important reason why former colonies that were once rich are now poor, and vice versa,” he adds in his ruling.
Who are the winners of the Nobel Prize in Economics?
Acemoglu, born in Turkey and trained in the United Kingdom, at the University of York, began from the beginning of his academic training to investigate the links between politics and economics with a holistic approach. After receiving his doctorate from the London School of Economics, he was appointed assistant professor at MIT, where he is now a professor. His theses on the economics of development, economic growth, the impact of technology and human capital, training and wage inequality soon found wide circulation. In 2016, the co-author of the best-seller “Why Countries Fail” (written with James A. Robinson) was awarded the BBVA Foundation Frontiers of Knowledge Award in the category of Economics, Finance and Business Management
The Nobel Prize in Economics is the most prestigious prize in the field worldwide, despite having been introduced later and not officially being part of the list of recognitions that the founder of these awards, Alfred Nobel, established in his will at the end 1800. The distinction, in addition to the prestige it confers, is endowed with 11 million Swedish crowns (almost 970,000 euros at the current exchange rate).
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Source: Ambito
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