Mon Oct 14 10:00:00 UTC 2024: ## Nobel Prize in Economics Awarded to Acemoglu, Johnson, and Robinson for Work on Societal Institutions
**Stockholm, Sweden** – Three U.S.-based economists, Daron Acemoglu, Simon Johnson, and James Robinson, were awarded the Nobel Prize in Economic Sciences on Monday for their groundbreaking work highlighting the crucial role of societal institutions in a nation’s prosperity.
The Nobel committee recognized the trio’s research, which has demonstrated that countries with weak rule of law and exploitative institutions often struggle to achieve meaningful growth and development. Acemoglu and Johnson are professors at the Massachusetts Institute of Technology, while Robinson leads the University of Chicago’s Pearson Institute for the Study and Resolution of Global Conflicts.
The prestigious award, officially known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, comes with a prize money of 11 million Swedish kronor ($1.058 million), to be shared equally by the winners.
This year’s award follows the 2022 prize, which was also split between three U.S.-based economists – Ben Bernanke, Douglas Diamond, and Philip Dybvig. In 2023, the Nobel in Economics went to historian and economist Claudia Goldin for her research on women’s labor market outcomes and earnings.
The Nobel Peace Prize for 2024 was awarded last week to Nihon Hidankyo, a Japanese organization representing atomic bomb survivors, for their tireless efforts in promoting a world free of nuclear weapons.
The Nobel Prize in Economics, established in 1968 to commemorate the 300th anniversary of the Swedish central bank, is awarded by the Royal Swedish Academy of Sciences. The prize recognizes individuals whose work has made outstanding contributions to the field of economics.
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