STOCKHOLM: The Nobel Prize in Economics was awarded on Monday to Turkish-American economist Daron Acemoglu and British-American economists Simon Johnson and James Robinson for their research into wealth inequality between nations.
The Royal Swedish Academy of Sciences, which announced the award, highlighted the trio’s examination of how political and economic systems established by European colonizers have shaped the vast disparities in income and wealth across the world today. Their research has demonstrated a strong relationship between a country’s institutions and its prosperity.
“Reducing the vast differences in income between countries is one of our time’s greatest challenges,” said Jakob Svensson, chair of the Committee for the Prize in Economic Sciences. “The laureates have demonstrated the importance of societal institutions for achieving this.”
Daron Acemoglu, 57, and Simon Johnson, 61, are both professors at the Massachusetts Institute of Technology (MIT), while James Robinson, 64, teaches at the University of Chicago. Their work has highlighted how the quality and structure of societal institutions can explain why some nations prosper while others remain mired in poverty.
“I am delighted. It’s just a real shock and amazing news,” Acemoglu said in an interview as the prize was announced in Stockholm.
The Nobel Prize in Economics, formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is the only Nobel Prize not originally included in the will of Swedish scientist Alfred Nobel, who died in 1896. The prize was created in 1968 through a donation from the Swedish central bank.
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While some critics have dubbed the economics prize a “false Nobel” due to its later creation, it follows the same rigorous selection process as the original science prizes, and the winner is chosen by the Royal Swedish Academy of Sciences.
This award brings to a close the 2024 Nobel season, which has celebrated achievements in fields ranging from artificial intelligence to gene regulation. The Peace Prize was awarded to the Japanese group Nihon Hidankyo for its efforts in opposing nuclear weapons, and South Korean author Han Kang was honored with the Literature Prize.
The Nobel Prizes, which include a diploma, a gold medal, and a monetary award of $1 million, will be presented at ceremonies in Stockholm and Oslo on December 10, the anniversary of Alfred Nobel’s death.
