Daron Acemoglu, Simon Johnson and James Robinson are awarded the Sveriges Riksbank’s prize in Economic Science in memory of Alfred Nobel in 2024. They receive the prize for studies in how institutions are formed and affect prosperity.
This year’s economics award winners have helped us understand why some countries are stuck in poverty traps.
“In societies with legal uncertainty and institutions that exploit the population, no growth or change for the better is created. Their research also helps us understand why,” the justification reads.
What they have done is a great scientific achievement, to be able to map the precise causal relationship between institutional quality and the prosperity we can observe. Now we know that good economic and political institutions cause prosperity, says Tommy Andersson, member of the economics prize committee and professor of economics at Lund University to SVT.
“Soul happy”
When the economics prize committee reaches the laureate, Daron Acemoglu, he says he is delighted.
- It is a shock and incredible news.
The Economics Prize, which was established in 1968, is awarded every year to those who have carried out work in economic science and which is of outstanding importance.
Source: svt
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