Daron Acemoglu, Simon Johnson, and James A. Robinson have been awarded the 2024 Nobel Prize in Economics “for studies of how institutions are formed and affect prosperity.”
“The laureates’ model for explaining the circumstances under which political institutions are formed and changed has three components. The first is a conflict over how resources are allocated and who holds decision-making power in a society (the elite or the masses),” the Nobel Prize said in a post on X.
Formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, the economics prize was established by the central bank in 1968 as a memorial to the 19th-century Swedish businessman and chemist who invented dynamite. He had established five Nobel Prizes — medicine, physics, chemistry, literature and peace, the winners of which were announced last week.
The central bank established it as a memorial to Nobel, the 19th-century Swedish businessman and chemist who invented dynamite and established the five Nobel Prizes. The first winners were Ragnar Frisch and Jan Tinbergen in 1969.
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