Brief by Shorts91 Newsdesk / 10:06am on 14 Oct 2024,Monday International
Daron Acemoglu, Simon Johnson (MIT), and James A. Robinson (University of Chicago) have been awarded the 2024 Nobel Economics Prize for their pioneering work on the role of institutions in shaping economic prosperity. Their research shows that societies with weak rule of law and exploitative institutions fail to achieve sustainable growth. By examining how institutions are formed and their influence on economic progress, the laureates provide valuable insights into conditions necessary for development. The prestigious award includes a reward of 11 million Swedish crowns and recognizes their contribution to understanding how institutions drive long-term prosperity.
