Sat Nov 09 06:45:15 UTC 2024: ## LSE Alumni Win Nobel Prize in Economics for Groundbreaking Research on Prosperity and Inequality

**London, UK** – Two renowned economists and alumni of the London School of Economics (LSE), Professor Daron Acemoglu (MIT) and Professor James A. Robinson (University of Chicago), have been awarded the Nobel Prize in Economic Sciences, jointly with Professor Simon Johnson (MIT). The trio was recognized for their groundbreaking work on the crucial role of societal institutions in driving prosperity and explaining the vast disparities in wealth across nations.

Acemoglu, who earned both his MSc and PhD in Economics from LSE, and Robinson, a graduate of the BSc Economics program, have dedicated their research to understanding why some countries thrive while others stagnate. Their findings highlight the detrimental effects of weak rule of law and exploitative institutions on economic growth and societal progress.

The Royal Swedish Academy of Sciences, awarding the prize, emphasized the importance of the laureates’ research in addressing the challenge of global income inequality. Their work has shifted the focus of economic analysis towards the political and social foundations of prosperity, prompting a deeper understanding of the complex interplay between institutions, politics, and economic development.

LSE leadership expressed immense pride and no surprise at the recognition of their alumni. Professor Ronny Razin, Head of the Department of Economics at LSE, praised Acemoglu and Robinson’s contributions to reshaping economic thinking, emphasizing their “new and robust framework for understanding political institutional changes.”

Sir Tim Besley, an LSE professor, highlighted the “pathbreaking” nature of the laureates’ work, which has fundamentally altered our understanding of the relationship between economics and politics in development.

Sir Christopher Pissarides, another LSE professor, recalled Acemoglu’s exceptional creativity as a student and lauded his continued dedication to unraveling the causes of underdevelopment and poverty, ultimately benefiting humanity.

The Nobel Prize in Economic Sciences is a testament to the impactful legacy of LSE graduates, showcasing their continued contributions to the advancement of knowledge and the betterment of the world.

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