The 2024 Nobel Prize in economics has been awarded to Daron Acemoglu, Simon Johnson, and James A. Robinson for their influential research on "how institutions are formed and affect prosperity," Anadolu Agency reported citing the Royal Swedish Academy of Sciences.

The laureates' work has demonstrated the critical role that societal institutions play in a nation’s economic success. "Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better," the Academy stated. "The laureates’ research helps us understand why."

Jakob Svensson, chair of the Committee for the Prize in Economic Sciences, emphasized the relevance of the laureates' contributions in addressing global inequality. “Reducing the vast differences in income between countries is one of our time’s greatest challenges. The laureates have demonstrated the importance of societal institutions for achieving this,” he said.

Acemoglu, originally from Türkiye, and Johnson are both affiliated with the Massachusetts Institute of Technology, while Robinson is based at the University of Chicago. Their collaborative work has become essential to understanding economic development and governance worldwide.