The Royal Swedish Academy of Sciences announced on Monday that Turkey’s Daron Achamoglu (57 years old) and Britons Simon Johnson (61 years old) and James Robinson (64 years old), who reside in the United States, have won the Nobel Prize in Economics for the year 2024 “for their studies on how institutions are shaped and their impact on prosperity.” “.
This prestigious award is the last to be announced this year, and is worth 11 million Swedish krona ($1.1 million).
The award committee said during the announcement of the winners in the Swedish capital, Stockholm, that by examining the different political and economic systems introduced by European colonialists, the three economists were able to prove the relationship between institutions and prosperity.
Reducing disparities
“Reducing the vast disparities in income between countries is one of the greatest challenges of our time,” said Jacob Svensson, Chairman of the Economic Sciences Prize Committee. “The laureates have shown the importance of societal institutions to achieve this.”
“Societies that perform poorly in terms of the rule of law and institutions and exploit populations do not achieve any growth or change for the better,” the organizers stated.
Turkish professor Achamoglu and Johnson work at the Massachusetts Institute of Technology, while Robinson works at the University of Chicago.
Achamoglu and Johnson participated in preparing a book reviewing technological means throughout the ages, which demonstrated the role of technological progress in providing job opportunities and spreading wealth.
American Professor Claudia Goldin from Harvard University won the 2023 Nobel Prize in Economics for her study on the position of women in the workforce.
The Nobel Prize in Economics is not one of the original prizes, such as Sciences, Arts and Peace, which were launched based on the will of the inventor of dynamite and businessman Alfred Nobel and were awarded for the first time in 1901, but it was the Swedish Central Bank that created it in 1968.
