Economists acclaimed for insights on institutions and prosperity
For the 56th time, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded. It is granted by the Nobel Committee, following a procedure similar to the other Nobel Prizes. This year, economists Daron Acemoglu, Simon Johnson, and James A. Robinson have awarded the Nobel Prize. These researchers have studied the importance of social institutions for a country's prosperity.
The Alfred Nobel Memorial Prize in Economic Sciences has been awarded to the scientists Daron Acemoglu, Simon Johnson, and James A. Robinson. Acemoglu and Johnson conduct research at the Massachusetts Institute of Technology (MIT) in the United States, while Robinson is based at the University of Chicago in Illinois.
They described the significance of social institutions for a country's prosperity. Societies with weak rule of law and institutions that exploit the population do not foster growth or positive change. The laureates' research helps us understand why this occurs—announced the Nobel Committee of the Royal Swedish Academy of Sciences on Monday.
The Nobel Prize in Economics is the only award that Alfred Nobel did not mention in his will. It is funded by the Bank of Sweden.
In 2023, it was awarded to Prof. Claudia Goldin from Harvard University. The researcher was recognized for having "demonstrated that the participation of women in the labour market did not show an upward trend over a 200-year period, but instead forms a U-shaped curve".
Meanwhile, in 2022, the Nobel Prize in Economics was awarded to Ben S. Bernanke, Douglas W. Diamond, and Philip H. Dybvig for "research on banks and financial crises".
