Daron Acemoglu, Simon Johnson, James Robinson win Economics Nobel for 2024

Nobel Prize 2024 in Economic Sciences: Acemoglu, Johnson, and Robinson's research delves into the formations of different political and economic institutions and how they affect a nation's prosperity

The Royal Swedish Academy of Sciences on Monday announced that the 2024 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to economists Daron Acemoglu, Simon Johnson, and James A Robinson. The trio have been recognised “for studies of how institutions are formed and affect prosperity.”

The laureates’ research examines how different political and economic systems, particularly those established during colonialism, have had long-lasting effects on the prosperity of nations. Their work has developed theoretical frameworks to explain why certain institutions endure over time and how they can evolve, shedding light on the persistent income gaps between countries, the academy said in awarding the prize.

“Reducing the vast differences in income between countries is one of our time’s greatest challenges. The laureates have demonstrated the importance of societal institutions in achieving this,” said Jakob Svensson, chair of the committee for the prize in Economic Sciences.

Daron Acemoglu

Daron Acemoglu, a Turkish American economist of Armenian heritage, has been a professor at the Massachusetts Institute of Technology (MIT) since 1993. His research spans multiple fields, including political economy, macroeconomics, and development economics. Acemoglu is widely known for his influential work, co-authoring books such as The Narrow Corridor and Why Nations Fail with James Robinson.

Simon Johnson

Simon Johnson, a British American economist, is currently the Ronald A Kurtz Professor of Entrepreneurship at the MIT Sloan School of Management and a senior fellow at the Peterson Institute for International Economics. He has held notable positions, including chief economist at the International Monetary Fund (IMF) from 2007 to 2008. Johnson’s research has focused on entrepreneurship, economic growth, and the role of institutions in development.

James Robinson

James Robinson, a British economist and political scientist, is a professor of global conflict studies at the Harris School of Public Policy, University of Chicago. He also directs The Pearson Institute for the Study and Resolution of Global Conflicts. He has authored several books, including Why Nations Fail, with Acemoglu.

Nobel Prize in Economic Sciences

The Nobel Prize in Economic Sciences was established in 1968 in memory of Alfred Nobel. It is awarded alongside the traditional Nobel Prizes in fields such as Physics, Chemistry, and Peace. This year’s prize marks the 56th time the award has been given, with a total of 96 recipients since its inception.

Last year, the award went to Claudia Goldin, an American economic historian and labour economist, for her contributions to understanding the dynamics of women’s participation in the labour market. Goldin became the third woman to receive the Nobel Prize in Economic Sciences.

The laureates will share a monetary award of 11 million Swedish kronor (approximately one million US dollars), funded by a bequest from Alfred Nobel.