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The award is the ultimate prize to be given out this yr and is price 11 million Swedish crowns ($1.1m).
Daron Acemoglu, Simon Johnson and James Robinson have received the 2024 Nobel economics prize “for research of how establishments are shaped and have an effect on prosperity”, says the Royal Swedish Academy of Sciences.
The distinguished award, formally often known as the Sveriges Riksbank Prize in Financial Sciences in Reminiscence of Alfred Nobel, was awarded on Monday in Stockholm, and is the ultimate prize to be given out this yr and is price 11 million Swedish crowns ($1.1m).
“Lowering the huge variations in revenue between nations is considered one of our time’s best challenges,” Jakob Svensson, chair of the Committee for the Prize in Financial Sciences, stated in a press release.
“The laureates have demonstrated the significance of societal establishments for attaining this,” Svensson added.
Acemoglu and Johnson work on the Massachusetts Institute of Know-how whereas Robinson conducts his analysis on the College of Chicago.
“I’m delighted. It’s only a actual shock and superb information,” Acemoglu advised reporters by way of phone after the announcement.
The economics award is just not one of many authentic prizes for science, literature and peace created within the will of dynamite inventor and businessman Alfred Nobel and first awarded in 1901, however a later addition established and funded by Sweden’s central financial institution in 1968.
Previous winners embody a bunch of influential thinkers reminiscent of Milton Friedman, John Nash and, extra just lately, former US Federal Reserve Chairman Ben Bernanke.
Final yr, Harvard financial historian Claudia Goldin received the prize for her work highlighting the causes of wage and labour market inequality between women and men.
The economics prize has been dominated by US lecturers since its inception, whereas US-based researchers additionally are inclined to account for a big portion of winners within the scientific fields for which 2024 laureates have been introduced final week.
Nobel honours have been introduced final week in drugs, physics, chemistry, literature and peace.
