The winners of the 2024 Nobel Prize in Economic Sciences are Daron Acemoglu (MIT), Simon Johnson (MIT) and James A. Robinson (University of Chicago) “for their research on how institutions are formed and how they affect prosperity.” 

This year’s laureates have provided new insights into the causes of the huge differences in prosperity between nations. One important explanation is the persistent differences in societal institutions, the Royal Swedish Academy of Sciences conveyed in its citation. By studying the various political and economic systems put in place by European colonizers, Daron Acemoglu, Simon Johnson and James Robinson demonstrated the link between institutions and well-being. They also developed theoretical tools that can explain why differences in institutions persist and how institutions can change. 

Nobel Prize founder Alfred Nobel did not endow a prize in economics in his will. In 1968, on the occasion of its 300th anniversary, Sveriges Riksbank (Sweden’s central bank) established the Prize in Economic Sciences in Memory of Alfred Nobel. The Nobel Prize Committee approved the initiative and has been awarding the honor since 1969. The first prize in economic sciences was awarded to Ragnar Frisch and Jan Tinbergen. It is considered the most prestigious award available in this field. 

Source: www.facebook.com/nobelprize 

Last year, the winner of the Nobel Prize in Economic Sciences was Professor Claudia Goldin of Harvard University. She was recognized for her research on the situation of women in the labor market. 

The 2022 award went to three American economists Ben S. Bernanke, Douglas W. Diamond, Philip H. Dybvig for their research on banks and financial crises and explaining the process of banking panics.