Economists trio awarded Nobel for insights on social institutions
For the 56th time, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded. It is granted by the Nobel Committee following a procedure similar to that of the other Nobel Prizes. This year, the prize went to economists Daron Acemoglu, Simon Johnson, and James A. Robinson. The researchers investigated the importance of social institutions in relation to a country's prosperity.
The Alfred Nobel Memorial Prize in Economic Sciences was awarded to the scientists Daron Acemoglu, Simon Johnson, and James A. Robinson. Acemoglu and Johnson conduct research at the American institution, the Massachusetts Institute of Technology (MIT), while Robinson is affiliated with the University of Chicago in Illinois.
They detailed the significance of social institutions for a country's prosperity. Societies with weak rule of law and institutions that exploit the population do not foster growth or positive change. The laureates' research helps us understand why this occurs, announced the Nobel Committee of the Royal Swedish Academy of Sciences on Monday.
The Nobel Prize in Economics is the only award Alfred Nobel did not mention in his will. It is funded by the Bank of Sweden.
In 2023, it was awarded to Prof. Claudia Goldin from Harvard University. The researcher was recognised "advanced our understanding of women’s labour market outcomes, but instead forms a U-shaped curve."
Meanwhile, in 2022, Ben S. Bernanke, Douglas W. Diamond, and Philip H. Dybvig were awarded the Nobel Prize in Economics for "research on banks and financial crises."
