Daron Acemoglu, Simon Johnson, and James Robinson Win 2024 Nobel for Their Study on Political Power

The 2024 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been declared! It is going to award to three most prominent figuresDaron Acemoglu (Turkish-American economist), Simon Johnson(British American economist), and James A. Robinson( British economist and political scientist). The Royal Swedish Academy of Sciences recognized the trio for their research on how political institutions are formed and how they influence prosperity.

This is confirmed by an official post on X:

In his first reaction after the announcement Daron Acemoglu,said: “It was a real shock”, “You never expect something like this”.

What is the focus of their research model?

Their research model focuses on three components: the conflict between elites and masses over resources, the ability of the masses to exercise power by mobilizing, and the commitment problem, which involves elites handing over decision-making power to the people. Their work sheds light on why societies with weak institutions and poor rule of law fail to generate growth.

Jakob Svensson, director at Stockholm University Institute for International Economic Studies said that their research has improved the understanding of global inequality. This is one pressing question in social science today.

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The Nobel Prize in Economics was first awarded in the year of 1969. It is formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel.