Economists Awarded Nobel for Innovative Anti-Poverty Framework

Their research highlights how varied colonial strategies have created lasting economic patterns, shedding light on institutional foundations crucial for prosperity.

In a landmark recognition of efforts to understand global inequality, the 2024 Nobel Memorial Prize in Economic Sciences has been awarded to Daron Acemoglu, Simon Johnson, and James Robinson. Acemoglu and Johnson, both hailing from the Massachusetts Institute of Technology, along with Robinson from the University of Chicago, have been acclaimed for their rigorous investigation into the disparities in national prosperity and the significant role institutions play in these discrepancies. The prize committee highlighted that poverty reduction and bridging income gaps between countries are pivotal challenges of our era. Their work examines the long-standing economic impacts of institutions established during European colonization, offering fresh insights into how divergent colonial strategies have left enduring institutional legacies. "The laureates have underscored the critical role of societal institutions in fostering economic prosperity," remarked Jakob Svensson, chairman of the economics prize committee. Dr. Acemoglu, speaking at a news conference, emphasized the nuanced understanding they pursued: "Our focus is on how different colonial strategies have led to varied institutional patterns that persist through time, rather than simplifying the debate to colonialism's merits or demerits." Their research has significantly shaped contemporary thoughts on sustainable economic development and institutional reform, guiding policymakers worldwide in efforts to close the gaps in global prosperity.