Nobel Prize in Economic Sciences to be awarded for research into prosperity reasons

STOCKHOLM: The 2024 Nobel Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to scientists Daron Acemoglu, Simon Johnson ...

STOCKHOLM: The 2024 Nobel Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to scientists Daron Acemoglu, Simon Johnson and James Robinson for research into reasons of differences in prosperity between nations, the economic sciences committee at the Royal Swedish Academy of Sciences announced.

The scientists have been able to demonstrate a relationship between institutions and prosperity, the committee said.

This year’s laureates "have demonstrated that the initial differences in colonial institutions are an important explanation for the vast differences in prosperity that we see today," the Swedish experts said, adding that Acemoglu, Johnson and Robinson examined Europeans’ colonization of large parts of the globe.

"Institutions that were created to exploit the masses are bad for long-run growth, while ones that establish fundamental economic freedoms and the rule of law are good for it," the committee noted.

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