The Nobel Prize in Economics 2024 has been awarded to Daron Acemoglu from Turkey, Simon Johnson and James A. Robinson from the US for their significant contributions to economics. The Royal Swedish Academy of Sciences has awarded economists for “studies of how institutions are formed and affect prosperity.”
Their work has demonstrated that societies with weak rule of law and exploitative institutions fail to foster growth or meaningful progress. By studying how institutions are formed and their impact, the laureates' findings offer valuable insights into the conditions necessary for sustainable development and prosperity.
The prestigious prize, the last of this year's Nobel awards, is worth 11 million Swedish crowns.