Mon Oct 14 11:22:05 UTC 2024: ## US Trio Wins Nobel Prize in Economics for Research on Institutions and Prosperity

**Stockholm, Sweden -** Daron Acemoglu, Simon Johnson, and James Robinson have been awarded the 2024 Nobel Prize in Economics for their groundbreaking research on the impact of institutions on national prosperity. The Royal Swedish Academy of Sciences cited their work’s focus on understanding how institutions are formed and their effects on economic growth.

The prestigious award, worth 11 million Swedish kronor ($1.1 million), is the final Nobel Prize to be announced this year. It highlights the critical role of institutions in tackling global inequality, according to Jakob Svensson, chairman of the Committee for the Prize in Economic Sciences.

The trio’s research, conducted primarily in the United States, examines historical examples, including periods of colonization, to understand the link between institutional structures and long-term economic development.

“What’s novel about their approach is how they look for examples of ‘natural experiments’ in history,” explains Nina Skero, chief executive officer at Centre for Economics and Business Research. “They’re showing that places where colonial powers implemented stronger institutions tended to fare better economically, particularly during periods of industrialization.”

The Nobel Prize in Economics, established in 1968, is a relatively recent addition to the original awards set up by Alfred Nobel in 1901. It joins the prestigious list of Nobel Prize winners, including Milton Friedman, John Nash, and Ben Bernanke.

Last year, Claudia Goldin, a Harvard economic historian, was awarded the prize for her research on gender inequality in the labor market. The Nobel Prize in Economics continues to be dominated by US academics, reflecting the country’s leading role in economic research.

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