Stockholm: Three economists have been named for the Nobel Prize in Economics for the year 2024, marking the last of the Nobel Prizes for this year. Economists Daron Acemoglu, Simon Johnson and James Robinson have been named for this award on Monday.
United States-based researchers Daron Acemoglu, Simon Johnson and James Robinson were named for the Nobel Prize in Economics for the year 2024 "for studies of how institutions are formed and affect prosperity", the Royal Swedish Academy of Sciences announced on Monday.
"Reducing the vast differences in income between countries is one of our time's greatest challenges. The laureates have demonstrated the importance of societal institutions for achieving this," said Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences. "Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better," mentioned the committee along with the announcement.
While Daron Acemoglu and Simon Johnson work at the Massachusetts Institute of Technology, James Robinson works at the University of Chicago. They will be receiving a cash award of 1 million Swedish crowns which is equivalent to $1.1 million. The awards are expected to be handed over in an event later this year.
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