Nobel Laureates in Economics: Unveiling Global Inequality

Daron Acemoglu, Simon Johnson, and James Robinson have been awarded the 2024 Nobel Memorial Prize in Economic Sciences for their influential research exploring how historical institutions shaped economic disparities among nations.

Daron Acemoglu and Simon Johnson of MIT, alongside James Robinson of the University of Chicago, have been recognized with the Nobel Memorial Prize in Economic Sciences, awarded for elucidating the intricate historical roots of global economic inequality. Their pioneering research identified how colonial institutions significantly determined the prosperity trajectory of nations. The laureates revealed that countries with inclusive institutions that ensured property rights and broad economic participation post-colonization consistently achieved long-term prosperity. Conversely, nations governed by extractive institutions, which favored elite control over equitable wealth distribution, experienced only short-term gains for a select few. Their work, which combines theoretical and empirical insights, has profoundly enhanced our understanding of the disparities in global income levels. Announcing the accolade, Jakob Svensson, the chairman of the Nobel economics prize committee, highlighted the transformative nature of their research, emphasizing its role in addressing today's paramount economic challenge. Through the lens of historical analysis, Acemoglu, Johnson, and Robinson have provided critical tools for addressing persistent international economic divides.