The 2024 Nobel Prize in Economic Sciences has been awarded to Daron Acemoğlu and Simon Johnson from the Massachusetts Institute of Technology (MIT) and James A. Robinson from the University of Chicago. The award recognizes their pioneering contributions to understanding the relationship between economic growth, inequality, and societal institutions. Their work highlights the critical role institutions play in shaping economic performance.
The laureates’ research explores the historical development of institutions and their economic implications for societies, distinguishing between inclusive and extractive institutions. They argue that inclusive institutions foster economic growth, while extractive ones exacerbate poverty and inequality. These ideas are thoroughly examined in their acclaimed book, Why Nations Fail.
The Royal Swedish Academy of Sciences, in announcing the award, emphasized that bridging global income disparities and achieving equality are among the greatest challenges of our time. The Academy highlighted that the laureates’ work underscores the fundamental importance of inclusive institutions in addressing these issues.
Daron Acemoğlu’s recognition marks him as the third Turkish Nobel laureate in history.
