Who are 2024 Nobel Prize winners in Economics?

Daron Acemoglu, Simon Johnson, and James Robinson studied how the nature of a country's institutions can affect their economic prosperity and poverty.

The 2024 Nobel Prize in Economics was awarded to Daron Acemoglu, Simon Johnson, and James Robinson for their research on the role of institutions in shaping a country's economic prosperity.

The Nobel memorial prize in economics awarded to Daron Acemoglu, Simon Johnson and James A Robinson, seen on screen, during a press meeting at the Royal Swedish Academy of Sciences in Stockholm, Sweden, Monday Oct. 14, 2024.(AP)

Their work highlighted how societal institutions—whether inclusive or extractive—significantly influence the economic outcomes of nations. Their research sheds light on global inequality and provides insights into why some nations remain poor while others grow wealthy.

They examined historical events like colonization to show how the type of institutions established during such periods has long-lasting effects on whether a country becomes prosperous or remains trapped in poverty.

For example, they argue that nations with inclusive institutions, which promote participation and equitable distribution of resources, tend to achieve long-term prosperity. In contrast, extractive institutions, which concentrate power and wealth among a few, often hinder economic growth.

Who are the 3 winners?

Daron Acemoglu - Born in Turkey's Istanbul in 1967, he is a prominent economist who earned his PhD from the London School of Economics in 1992. He is currently a professor of economics at the Massachusetts Institute of Technology (MIT).

Acemoglu's research focuses on how political and economic institutions -like laws, governance, and social structures—determine the economic development trajectory of nations.

He is well-known for co-authoring the influential book Why Nations Fail: The Origins of Power, Prosperity, and Poverty (2012) with fellow Nobel winner James A. Robinson. Here, the co-authors argue that inclusive institutions, which provide opportunities for broad participation in economic and political activities, lead to prosperity, while extractive institutions, which concentrate power and wealth in the hands of a few, hinder development.

James A Robinson - Born in 1960, he earned his PhD from Yale University in 1993. Robinson is currently serving as a professor at the University of Chicago. His research explores how a country's institutions affect their long-term prosperity and poverty.

He has conducted field studies in several countries like Colombia and Sierra Leone, giving his work a strong empirical foundation. In these countries, Robinson explored how political instability, governance, and institutional failures contribute to persistent endemic poverty.

Simon Johnson - Born in 1963 in the UK, he currently serves as a professor of economics at the Massachusetts Institute of Technology (MIT), where he focuses on the role of institutions and policies in economic growth. Johnson earned his PhD from the same institute. He is also the co-founder of the popular economics blog The Baseline Scenario

Johnson's views have a high influence on areas of global financial stability and policy response to economic crises. During his tenure as the Chief Economist of the International Monetary Fund (IMF) from 2007 to 2008, he advocated for strong measures to address systemic instability in the global financial system.