look news india
Stockholm: The Royal Swedish Academy of Sciences in Stockholm has announced the 2024 Nobel Prize in Economics. The award has been presented to Daron Acemoglu, Simon Johnson and James A. Robinson. He received the award for explaining the structure of institutions and their impact on the prosperity of society. His research has sparked a new debate in economics.
He explains why societies with weak rule of law and exploitative institutions cannot develop. He has emphasized the importance of social institutions for the prosperity of the country.
He has been honored for this unprecedented research. He has shown how an organization plays a vital role in shaping the prosperity of a nation. His work shows that social institutions play an important role in shaping the economic growth and long-term development of a nation. By studying how institutions are formed and their impact, Nobel laureates have concluded that they provide essential knowledge about the conditions necessary for development and prosperity. This research has also revealed why some countries are developed and some are developing.
In presenting the award, the Royal Swedish Academy of Sciences said that the work of Acemoglu, Johnson and Robinson helps us to understand the fundamental importance of well-functioning institutions to a country's economic prosperity in the broader global economic landscape. The winner of this award receives a prize of 1.1 crore (Rs 8.88 crore) Swedish Crown.
Jacob Svensson, head of the committee that awards the prize for economic sciences, says that reducing the huge income gap between countries is the biggest challenge of our time. The award winners highlight the importance of social institutions to achieve this.
Daron S. Moglu is a Turkish-American economist. He is originally from Armenia. He teaches economics as a professor at the Massachusetts Institute of Technology (MIT). Along with him, eminent economists Simon Johnson and James Robinson have made important contributions to understanding the complexities of global economies.