.png)
Daron Acemoglu, Simon Johnson, and James A. Robinson have been awarded the 2024 Nobel Prize in Economics, as announced by the Nobel Foundation in Sweden. This prize recognizes their significant contributions to analyzing disparities in the prosperity of nations.
The Royal Swedish Academy of Sciences highlighted that the laureates propose new perspectives for understanding inequality. Acemoglu, of Turkish origin and an academic at MIT, along with Johnson, who is British and also at the same institute, and Robinson, a professor at the University of Chicago, have worked on empirical and theoretical studies on the subject.
The Nobel committee emphasized that the richest 20% of countries are 30 times wealthier than the poorest 20%. Despite developing nations increasing their wealth, the gap with the more prosperous countries remains.
The committee acknowledged that while the issue of inequality is not new, the researchers have presented compelling evidence of how a society's institutions influence its development. They praised the approach of Acemoglu, Johnson, and Robinson, who explain that “societies with weak institutions that exploit their population fail to generate growth or improve conditions.”
The analysis of institutions is divided into two categories: “inclusive” and “extractive.”
A notable example the committee highlights is the city of Nogales, which is divided by the border between Mexico and the United States. On the U.S. side, residents enjoy more educational and political opportunities, while conditions to the south limit their ability to influence legislation. “The crucial difference lies not in geography or culture, but in institutions,” they explained.
The committee stated that “the implementation of inclusive institutions could bring long-term benefits, while extractive institutions only provide temporary gains for those in power.”
Upon receiving the news, Daron Acemoglu expressed his satisfaction, noting that their research supports democracy. “Countries transitioning from an authoritarian regime to a democratic one tend to grow significantly faster,” he remarked, although he also acknowledged that “democracy is not an easy solution” and that its establishment is complex.
The three economists will share a prize totaling $1 million. The Nobel Prize in Economics was established in 1968 by the Sveriges Riksbank (Swedish Central Bank), and the Royal Swedish Academy of Sciences is responsible for selecting the winners.
Kommentare