The Royal Swedish Academy of Sciences has announced the Nobel Prize for 2024 in the field of Economics. The award was presented by Daron Acemoglu, Simon Johnson and James A. Given to Robinson. How do these honors become institutions and how do they affect the well-being of people? Got it for this. The announcement of the award has created an environment of significant discussion in the world of economics, where the contribution of these three researchers is being highly appreciated.
Who are these three economists?
Daron Acemoglu is a Turkish-American economist of Armenian origin who teaches at the Massachusetts Institute of Technology (MIT). He is the Elizabeth and James Killian Professor of Economics there. Acemoglu, who has been associated with MIT since 1993, has tried to understand the influence of political and economic institutions in his research work. His work reflects how institutions influence development and prosperity. Apart from him, Simon Johnson and James A. Robinson is also a scholar who has made significant contributions in the field of economics, who has played an important role in explaining the complexities of the global economy.
He received this award in 2023
Last year in 2023, this award was awarded to Claudia Goldin, who conducted important research into understanding the position of women in the labor market. Goldin’s research showed how the gender gap in women’s earnings and labor participation has changed over time. Her work raised awareness of the economic status of women and inspired change in society.
This is how it started
The Sveriges Riksbank Prize in Economic Sciences is awarded in memory of Alfred Nobel, although Alfred Nobel did not mention an economics prize in his will. Sveriges Riksbank established the prize in 1968, and since 1969 the Royal Swedish Academy of Sciences has been entrusted with the selection of prize winners.
The recognition of this year’s award winners once again highlights that institutions are vital not only for economic growth, but also for prosperity and social well-being. These researches are likely to provide direction to policy making and economic principles in the coming days.
