Daron Acemoglu, Simon Johnson and James Robinson have gained the 2024 Nobel Prize in economics “for research of how establishments are shaped and have an effect on prosperity”, the Royal Swedish Academy of Sciences says.
The award, formally referred to as the Sveriges Riksbank Prize in Financial Sciences in Reminiscence of Alfred Nobel, was awarded on Monday in Stockholm. It’s the remaining prize to be given out this 12 months and is price 11 million Swedish kronor ($1.1m).
“Decreasing the huge variations in revenue between nations is one in all our time’s best challenges,” Jakob Svensson, chairman of the Committee for the Prize in Financial Sciences, mentioned in an announcement.
“The laureates have demonstrated the significance of societal establishments for reaching this,” Svensson added.
All three winners work in america. Acemoglu and Johnson work on the Massachusetts Institute of Expertise whereas Robinson conducts his analysis on the College of Chicago.
Al Jazeera’s Paul Rhys experiences from Stockholm.
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