The 2024 Nobel Prize for Economics was awarded on Monday to three Americans -- Daron Acemoglu, Simon Johnson and James A. Robinson for their studies on how institutions are formed and affect prosperity.
The winners were announced by the Royal Swedish Academy of Sciences at a news conference in Stockholm, marking the end of the 2024 Nobel season after prizes for medicine, physics, chemistry, literature and peace were awarded last week, DW reported.
The economics award is worth 11 million Swedish kronor (roughly $1 million; €0.92 million) — the same as the other Nobel categories.
Acemoglu, Johnson, and Robinson are highly influential economists and political scientists, particularly known for their collaborations on the relationship between political institutions, economic development, and long-term prosperity.
Acemoglu and Johnson are professors at the Massachusetts Institute of Technology (MIT), while Robinson works for the University of Chicago.
"Reducing the vast differences in income between countries is one of our time's greatest challenges. The laureates have demonstrated the importance of societal institutions for a country's prosperity," Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences said.
Though Nobel purists stress that the economics prize is technically not a Nobel Prize, it is always presented together with the others on December 10, the anniversary of Nobel's death in 1896.
Nobel honors were announced last week in medicine, physics, chemistry, literature and peace.
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