Nobel Prize Hails Analysis on Prosperity by US-Based Academics
Source: Bloomberg
October 14, 2024 at 5:50 AM EDT
Updated on October 14, 2024 at 6:12 AM EDT
Three US-based academics including a former chief economist of the International Monetary Fund will share an economics Nobel Prize for research into institutions and how they affect prosperity.
Daron Acemoglu and Simon Johnson — both of the Massachussetts Institute of Technology — along with James A. Robinson from the University of Chicago will receive the 11 million-krona ($1.1 million) award between them, the Royal Swedish Academy of Sciences in Stockholm said in a statement Monday.
“Reducing the vast differences in income between countries is one of our time’s greatest challenges,” Jakob Svensson, chair of the academy’s Committee for the Prize in Economic Sciences, said in a statement. “The laureates have demonstrated the importance of societal institutions for achieving this.”
In the panel’s description, research by the three academics showed how the path for prosperity can vary partly because of structures established in colonized countries, as a result of the contrasting approaches taken by the different empires built up by Europeans around the world. Of the three winners, Johnson is probably best known for his stint at the IMF. While brief — lasting only from March 2007 until August 2008 — it coincided with the onset of the global financial crisis.
Read more: https://www.bloomberg.com/news/articles/2024-10-14/acemoglu-johnson-robinson-awarded-2024-economics-nobel-prize
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The Royal Swedish Academy of Sciences has decided to award the 2024 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Daron Acemoglu, Simon Johnson and James A. Robinson “for studies of how institutions are formed and affect prosperity.”… Show more
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5:47 AM · Oct 14, 2024
Article updated.
Original article/headline -
October 14, 2024 at 5:50 AM EDT
Daron Acemoglu, Simon Johnson and James A. Robinson were awarded the Nobel Prize in economics for research into how institutions are formed and affect prosperity.
The three economists will share an 11 million-krona ($1.1 million) award, the Royal Swedish Academy of Sciences in Stockholm said in a statement Monday.
The award, formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968 by the Swedish central bank. It complements annual prizes for achievements in physics, chemistry, medicine, literature and peace, which were established in the will of Alfred Nobel — the Swedish inventor of dynamite who died in 1896.