3 Economists awarded Nobel Prize in Economics 2024
Three economists from the US and the UK have been awarded the Nobel Prize for Economics 2024. The winners include Turkish-American Daron Acemoglu, British-American Simon Johnson and Britain’s James A Robinson.
They have received this honour for their research on the formation of different political and social institutions and their impact on the progress of society. The three economists have explained how poor countries have not been able to develop like rich countries despite years of progress.
The winners have explained the impact of political institutions on society in three ways…
First – How the resources are distributed. Who has the power to take decisions in society. On this basis, there is a conflict between the rich class and the common people.
Second – The public sometimes organizes and threatens the ruling class. By doing this, they make the power agree to their point. Therefore, it can be said that the power of society is not limited to taking only a few decisions.
Third – Many times the rich ruling class is forced to hand over the right to take decisions to the public.
BREAKING NEWS
— The Nobel Prize (@NobelPrize) October 14, 2024
The Royal Swedish Academy of Sciences has decided to award the 2024 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Daron Acemoglu, Simon Johnson and James A. Robinson “for studies of how institutions are formed and affect prosperity.”… pic.twitter.com/tuwIIgk393
2023 Nobel winner in Economics
The 2023 Nobel Prize in Economics was awarded to Claudia Goldin of America. She was given this honor for better understanding the work of women and their contribution in the market.
The Nobel Committee considered Goldin’s research in the labor market to be excellent. Her research provided information about the discrimination against women in the labor market and their earnings.
