The 2024 Nobel Prize in Economics honors researchers in the field of institutions.

The Royal Swedish Academy of Sciences recently announced the list of three American economists who have been honored with the 2024 Nobel Prize in Economics: Daron Acemoglu, Simon Johnson, and James Robinson.

According to an official announcement on October 14th (local time), the 2024 Sveriges Riksbank Prize (the official name of the Nobel Prize in Economics) has been officially awarded to three American economists, Daron Acemoglu, Simon Johnson, and James Robinson, "for their research on how institutions form and affect prosperity."

Daron Acemoglu was born in 1967 in Istanbul, Turkey. He received his PhD in 1992 from the London School of Economics and Political Science (UK). He is currently a professor at the Massachusetts Institute of Technology (MIT).

Simon Johnson was born in 1963 in Sheffield, England. He received his PhD in 1989 from the Massachusetts Institute of Technology (MIT) and currently teaches at the same institution.

James Robinson was born in 1960. He received his PhD in 1993 from Yale University (USA) and is currently a professor at the University of Chicago (USA).

The Nobel Committee stated that the research of this year's three Nobel laureates in economics has demonstrated the importance of social institutions to a nation's prosperity. Societies with weak rule of law and exploitative institutions do not generate growth or positive change.

"Narrowing the income gap between nations is one of the greatest challenges of our time, and thanks to the groundbreaking research of Daron Acemoglu, Simon Johnson, and James Robinson, we have a much deeper understanding of why some countries are prosperous and others are poor," said Jakob Svensson, Chairman of the Nobel Committee for Economics.

Last year, the Nobel Prize in Economics was awarded to American economist Claudia Goldin for her research on the role of women in the workforce. She is the third female scientist to be awarded the Nobel Prize in Economics.

Previously, two female authors had received this prestigious award: Elinor Ostrom (in 2009) and Esther Duflo (in 2019).

The first Nobel Prize in Economics was awarded in 1969. To date, 55 Nobel Prizes in Economics have been awarded to 93 individuals. The youngest recipient of this prestigious award was Esther Duflo (then 46 years old), while the oldest recipient was economist Leonid Hurwicz (at age 90).

The Nobel Prize in Economics concludes this year's Nobel season. The 2024 Nobel Prize ceremony will be held on December 10th in Stockholm, Sweden, the anniversary of Alfred Nobel's death in 1896. Each winner will receive a medal, a certificate, and a cash prize of up to 11 million Swedish krona (equivalent to 1.1 million USD).

According to Intellectual Property and Innovation

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