The Royal Swedish Academy of Sciences awarded the prize to Daron Acemoğlu (MIT), Simon Johnson (MIT) and James A. Robinson (University of Chicago) “for studies of how institutions are formed and affect prosperity”. The laureates have shown that the quality and strength of institutions and legal certainty are particularly important for the development of prosperity. Societies with inclusive institutions would promote growth and prosperity.

“This year’s laureates have provided new insights into why there are such vast differences in prosperity between nations. One important explanation is persistent differences in societal institutions. By examining the various political and economic systems introduced by European colonisers, Daron Acemoğlu, Simon Johnson and James A. Robinson have been able to demonstrate a relationship between institutions and prosperity. They have also developed theoretical tools that can explain why differences in institutions persist and how institutions can change.”

Popular information. NobelPrize.org. Nobel Prize Outreach AB 2024. Wed. 16 Oct 2024.

Literature of the three laureates in the WU Library:

• Literature of Daron Acemoğlu in the WU CatalogPLUS

• Literature of Simon Johnson in the WU CatalogPLUS

• Literature of James A. Robinson in the WU CatalogPLUS

• Publication Why nations fail: the origins of power, prosperity, and poverty in the WU Catalog