Mon Oct 14 10:37:46 UTC 2024: ## MIT and Chicago Economists Awarded Nobel Prize in Economics for Research on Prosperity

**Stockholm, Sweden** – Daron Acemoglu, Simon Johnson, and James A. Robinson have been awarded the 2024 Nobel Memorial Prize in Economic Sciences for their groundbreaking research into the factors influencing national prosperity. The Royal Swedish Academy of Sciences cited the trio’s “studies of how institutions are formed and affect prosperity.”

The esteemed economists, hailing from MIT and the University of Chicago, have demonstrated a strong correlation between robust societal institutions and economic growth. According to the Nobel committee, societies with strong rule of law and institutions that support their citizens are better equipped to achieve sustainable growth. Conversely, nations with weak institutions and unfair systems tend to remain stagnant or even decline.

“The laureates’ research helps us understand why some countries are wealthy and others are poor,” the committee stated.

The Nobel Prize in Economics, formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, concludes this year’s Nobel season. The award ceremony is scheduled for December 10th in Stockholm, the anniversary of Nobel’s death.

The prize joins a lineup of other prestigious awards recognizing scientific and humanitarian achievements, including the Nobel Prize in Physics, awarded to John Hopfield and Geoffrey Hinton for their work on artificial neural networks, and the Nobel Prize in Chemistry, shared by David Baker, Demis Hassabis, and John Jumper for their advancements in protein design and prediction. The Nobel Prize in Literature went to South Korea’s Han Kan, and the Nobel Prize in Medicine recognized groundbreaking discoveries in gene regulation.

Each Nobel laureate receives a diploma, gold medal, and a one-million-dollar prize.

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