Daron Acemoglu, Simon Johnson, and James Robinson Win 2024 Nobel Economics Prize

Daron Acemoglu, along with Simon Johnson and James A. Robinson, has been awarded the 2024 Nobel Prize in Economics. The Royal Swedish Academy of Sciences announced this prestigious award on Monday, recognizing their groundbreaking research on the formation of institutions and their impact on economic prosperity.

The trio’s work focuses on the complex dynamics of how institutions are created and how they influence the economic well-being of societies. Their model explains the circumstances under which political institutions are formed and changed, highlighting three key components: the conflict over resource allocation and decision-making power, the mobilization of the masses to exercise power, and the commitment problem that necessitates the transfer of decision-making power from the elite to the populace.

The award, officially known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, carries a monetary reward of 11 million Swedish kronor (approximately $1.1 million). This prize, although not one of the original Nobel Prizes established by Alfred Nobel, is presented at the same ceremony as the other Nobel awards and is highly regarded in the field of economics.

Daron Acemoglu, Simon Johnson, and James A. Robinson will formally receive the prize on December 10, the anniversary of Alfred Nobel’s death in 1896. This recognition underscores their significant contributions to understanding the interplay between institutions and economic prosperity.