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Nobel Prize 2024: The Nobel Prize in Economics was announced on Monday in Stockholm and was awarded to Simon Johnson, Daron Acemoglu, and James A Robinson for their research into differences in prosperity between nations. The Nobel committee of the Royal Swedish Academy of Sciences stated that all the three awardees have showcased the importance of societal institutions for a country’s prosperity. ““Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better. The laureates’ research helps us understand why,” the committee added.
Notably, Robinson work at the University of Chicago as a researcher and Acemoglu and Johnson work at the Massachusetts Institute of Technology.
The Economics Prize is officially called the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. It was created in 1968 by Sweden’s central bank. The award serves as a tribute to Alfred Nobel, the 19th-century Swedish inventor of dynamite and businessman.
It is worth noting that, Nobel had originally established five other Nobel Prizes – in medicine, physics, chemistry, literature, and peace – with the winners of those awards being announced last week.
Although Nobel purists contend that the economics prize is not technically a Nobel Prize, it has been awarded with the other Nobel Prizes on December 10, the anniversary of Alfred Nobel’s death.
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