Commission of Noble Two researchers from the Massachusetts Institute of Technology, Deron in Stockholm, have been awarded the Bank of Sweden Prize for Economic Sciences. Acemoglu And Simon Johnson, and James A. Robinson, of the University of Chicago, for studies conducted in recent years on: “How Institutions Form and Affect Prosperity.”
These studies have shown the relationship between stable entities that make up a Fully enabling the rule of law and economic prosperity. The three economists analyzed the reasons why economic growth stalls in unstable countries or where public administration and justice are inefficient or corrupt.
Awarded the Nobel Prize for Economics.
The 2024 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, commonly known as the Nobel Prize in Economics while not technically a Nobel Prize, was awarded to Darron. Acemoglu And Simon Johnson, and James A. Robinson. The first two works for MIT, the Massachusetts Institute of Technology in Boston, while the third works for the University of Chicago.
All three economists are motivated by their studies. The relationship between institutions and economic growth One of his most famous papers shows that differences in the stability of institutions are precisely what determine the likelihood of economic success in different countries. Earlier economics also gave great importance to cultural and geographical factors.
Major parts of this research are based on observation. Colonial Territories by Europeans beginning in the sixteenth century. Researchers have divided them into two categories, those that were colonized for the purpose of extracting resources and exploiting the native people, and those that evolved instead to accommodate European settlers. Former so-called extractive institutions were developed, which are still inefficient and often corrupt today. The latter, however, have, in many cases, become some of the richest countries in the world, such as the United States, Canada or Australia.
Who are the three Nobel Prize winners in economics and how much did they win?
The Nobel Prize in Economics is the prize money. 11 million SEK, Just under €1 million, and will be split equally between the three winners. So each of them will get about 330 thousand euros from this recognition.
He is the only one of the three winners who is not English by birth. Darron Acemoglu. Turko, born September 3, 1967 in Istanbul, works at MIT and was a naturalized American. He is among the world’s 10 most cited economists academically and has already won the John Bates Clark Medal, an American Economic Association award for economists under 40, in 2005. There is an award. and Power and Progress, analyze the relationship between the economy and state institutions.
Simon H. Johnson Born in 1963 in Great Britain. He studied at Oxford and Manchester and then earned a PhD from MIT. Between 2007 and 2008 he was the chief economist of the International Monetary Fund, during one of the most critical periods for the global economy of the last century. He co-authored the book Power and Progress with Acemoglu.
James A. Robinson He is an English economist, the only one of the winners who does not work at MIT. He studied at London and Yale, specializing in the relationship between institutions and the economy, particularly in sub-Saharan Africa and Latin America. He collaborated with Acemoglu on the book: Why Nations Fall.
