Nobel Economics Prize Awarded for Groundbreaking Research on Global Inequality

Daron Acemoglu, Simon Johnson, and James Robinson have been awarded the 2024 Nobel Memorial Prize in Economic Sciences for their insightful research on how institutional structures affect national prosperity, highlighting colonial legacies.

The 2024 Nobel Memorial Prize in Economic Sciences was awarded to Daron Acemoglu and Simon Johnson of MIT, and James Robinson of the University of Chicago, for their seminal research into how institutions influence the economic success or failure of nations. Their work, focusing on historical patterns of colonialism, suggests that countries with established inclusive institutions were more likely to achieve long-term prosperity compared to those with extractive structures. The Royal Swedish Academy of Sciences recognized their contribution to understanding global inequality, noting that their research offers a deeper grasp of the long-standing income disparities among countries. The laureates' exploration into the world's colonial history to understand economic divergence sparked significant academic and policy discussions. The Nobel committee praised their ability to combine theory and data to reveal the lasting impact of historical institutional development on modern prosperity. The award stresses the vital role of protecting property rights and ensuring broad economic participation in sustaining economic growth.