Daron Acemoglu and Simon Johnson, professors at the Massachusetts Institute of Technology, and James Robinson of the University of Chicago, have been awarded the 2024 Nobel Memorial Prize in Economic Sciences. 

The prestigious recognition was announced on Monday at the Royal Swedish Academy of Sciences in Stockholm, Sweden, honouring the trio for their extensive work explaining the economic disparities between nations and institutions’ critical role in fostering prosperity.

The awardees’ findings have underscored the importance of inclusive political and economic institutions in promoting long-term prosperity, emphasizing that strong governance and sound policy are key drivers of economic success.

Messrs Acemoglu and Robinson co-authored a book, ‘Why Nations Fail: The Origins of Power, Prosperity, and Poverty’, and it has been widely influential in academic circles and policy discussions. 

The book argues that countries prosper when they build institutions that encourage innovation, reward talent, and ensure broad participation in the economic and political spheres.

Mr Johnson, known for his work on financial crises and global economic development, has contributed to shaping global financial policy, particularly in developing economies. 

Mr Acemoglu, one of the most cited economists of his generation, has made profound contributions to understanding technology’s impact on the workforce and how political economy shapes economic outcomes.

The Nobel Prize in Economic Sciences, established in 1968, is awarded in memory of Alfred Nobel and continues to spotlight research that drives real-world change.