<p>The Nobel Prize in Economics 2024 has been awarded to&nbsp;Daron Acemoglu, Simon Johnson and James A. Robinson for demonstrating the importance of&nbsp;societal institutions for a country’s prosperity, the&nbsp;&nbsp;Royal Swedish Academy of Sciences announced on Monday (Oct 14).&nbsp;</p>

<p>“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 achieving this,” said Jakob Svensson, chair of the Committee for the Prize in Economic Sciences.</p>

<p>The three laureates will be equally sharing a cash prize of 11 million Swedish kronor ($1.1 million), which&nbsp;will be awarded on December 10.</p>

<p>Notably, Acemoglu and Johnson are professors at the&nbsp;Massachusetts Institute of Technology, Cambridge, USA, while Robinson is currently teaching at the University of Chicago.&nbsp;</p>

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<p dir="ltr" lang="en">BREAKING NEWS<br />
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.”… <a href="https://t.co/tuwIIgk393">pic.twitter.com/tuwIIgk393</a></p>
— The Nobel Prize (@NobelPrize) <a href="https://twitter.com/NobelPrize/status/1845763241147785723?ref_src=twsrc%5Etfw">October 14, 2024</a></blockquote>
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<h2><strong>What was their research?</strong></h2>

<p>The winners pioneered a new approach to provide credible, quantitative answers to economic disparity among the rich and the poor across the globe.&nbsp;</p>

<p>Notably, the richest 20 per cent of countries are around 30 times&nbsp;wealthier than the poorest 20 per cent of countries. The income gaps across countries have been highly persistent over the past 75 years, with data showing that between-country disparities in income have grown over the past 200 years.</p>

<p>The research by the trio empirically examines the impact and persistence of colonial strategies on subsequent economic development.&nbsp;Their research centres on the idea that political institutions fundamentally shape the wealth of nations.&nbsp;</p>

<p><strong>Watch |&nbsp;AI Pioneers Geoffrey Hinton And John Hopfield Win Nobel Prize For Physics</strong></p>

<p><iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/ai-pioneers-geoffrey-hinton-and-john-hopfield-win-nobel-prize-for-physics-765781/embed" width="560"></iframe></p>

<p>Acemoglu and Robinson developed a dynamic model by integrating&nbsp;existing political science theories on democratic reform into a game-theoretic framework. Under this dynamic model, the&nbsp;ruling elite make strategic decisions about political institutions – particularly whether to extend the electoral franchise – in response to periodic threats.</p>

<p>This framework is now standard for analysing political institutional reform and has significantly impacted the research literature. And evidence is mounting in support of one of the model's core implications: more inclusive governments promote economic development.&nbsp;</p>

<p>The Academy stated that the trio have "not&nbsp;only shaped our understanding of the root causes behind why countries fail, but they have also pioneered new methodologies for studying these issues".</p>

<p>Although their contributions do not provide a concerted answer on why some countries remain trapped in poverty, it still represents a major leap forward in the pursuit of understanding the issue.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>


The Nobel Prize in Economics 2024 has been awarded to Daron Acemoglu, Simon Johnson and James A. Robinson for demonstrating the importance of societal institutions for a country’s prosperity, the Royal Swedish Academy of Sciences announced on Monday (Oct 14).

The Nobel Prize in Economics 2024 has been awarded to Daron Acemoglu, Simon Johnson and James A. Robinson for demonstrating the importance of societal institutions for a country’s prosperity, the Royal Swedish Academy of Sciences announced on Monday (Oct 14). “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 achieving this,” said Jakob Svensson, chair of the Committee for the Prize in Economic Sciences. The three laureates will be equally sharing a cash prize of 11 million Swedish kronor ($1.1 million), which will be awarded on December 10. Notably, Acemoglu and Johnson are professors at the Massachusetts Institute of Technology, Cambridge, USA, while Robinson is currently teaching at the University of Chicago. BREAKING NEWS 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 — The Nobel Prize (@NobelPrize) October 14, 2024 × What was their research? The winners pioneered a new approach to provide credible, quantitative answers to economic disparity among the rich and the poor across the globe. Notably, the richest 20 per cent of countries are around 30 times wealthier than the poorest 20 per cent of countries. The income gaps across countries have been highly persistent over the past 75 years, with data showing that between-country disparities in income have grown over the past 200 years. The research by the trio empirically examines the impact and persistence of colonial strategies on subsequent economic development. Their research centres on the idea that political institutions fundamentally shape the wealth of nations. Watch | AI Pioneers Geoffrey Hinton And John Hopfield Win Nobel Prize For Physics Acemoglu and Robinson developed a dynamic model by integrating existing political science theories on democratic reform into a game-theoretic framework. Under this dynamic model, the ruling elite make strategic decisions about political institutions – particularly whether to extend the electoral franchise – in response to periodic threats. This framework is now standard for analysing political institutional reform and has significantly impacted the research literature. And evidence is mounting in support of one of the model's core implications: more inclusive governments promote economic development. The Academy stated that the trio have "not only shaped our understanding of the root causes behind why countries fail, but they have also pioneered new methodologies for studying these issues". Although their contributions do not provide a concerted answer on why some countries remain trapped in poverty, it still represents a major leap forward in the pursuit of understanding the issue. (With inputs from agencies)

Nobel Prize in Economics awarded to Daron Acemoglu, Simon Johnson and James Robinson

<p>Indian-origin <a href="https://www.wionews.com/world/indian-origin-abhijit-banerjee-among-three-to-receive-economics-nobel-for-work-on-poverty-255810">economist Abhijit Banerjee, 58</a>, was on Monday awarded the Nobel Prize in Economics.</p>

<p>Esther Duflo and Michael Kremer were also named as&nbsp;co-winners of the prestigious award.</p>

<p>The trio was&nbsp;selected for their contribution in "experimental approach to alleviating global poverty."</p>

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<p dir="ltr" lang="en">Watch the announcement of the 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.<br />
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Presented by Göran K. Hansson, Secretary General of The Royal Swedish Academy of Sciences.<a href="https://twitter.com/hashtag/NobelPrize?src=hash&amp;ref_src=twsrc%5Etfw">#NobelPrize</a> <a href="https://t.co/M8kqyxvfxq">pic.twitter.com/M8kqyxvfxq</a></p>
— The Nobel Prize (@NobelPrize) <a href="https://twitter.com/NobelPrize/status/1183682850501136385?ref_src=twsrc%5Etfw">October 14, 2019</a></blockquote>
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<p>Abhijit Banerjee, an Indian-American&nbsp;born in Kolkata, is currently the Ford Foundation international professor of Economics at the Massachusetts Institute of Technology(MIT).</p>

<p>Banerjee completed his bachelor's degree in economics at Presidency College, Kolkata and later gained a Masters degree in Economics from Jawaharlal Nehru University(JNU) in Delhi.</p>

<p>He has also been a professor at Harvard where he completed his Ph.D.&nbsp;</p>

<p>Banerjee shared the award with his wife Esther Duflo. Born in Paris, Esther, 46, is also a professor at MIT. In 1999, Abhijit was the joint supervisor of Esther's Ph.D&nbsp;in Economics.&nbsp;They were married in 2015 and have a son.&nbsp;</p>

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<p dir="ltr" lang="en">"Showing that it is possible for a woman to succeed and be recognised for success I hope is going to inspire many, many other women to continue working and many other men to give them the respect they deserve."<br />
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- Esther Duflo at today's press conference announcing her prize. <a href="https://t.co/vTVBus80Hv">pic.twitter.com/vTVBus80Hv</a></p>
— The Nobel Prize (@NobelPrize) <a href="https://twitter.com/NobelPrize/status/1183687164791590912?ref_src=twsrc%5Etfw">October 14, 2019</a></blockquote>
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<p>Esther is the second woman and the youngest person to be awarded the Prize in Economic Sciences.&nbsp;</p>

<p>During the press conference after the award was announced, &nbsp;Esther Duflo said: "Showing that it is possible for a woman to succeed and be recognised for success."&nbsp;</p>

<p>"I hope it is going to inspire many, many other women to continue working and many other men to give them the respect they deserve," Duflo added.</p>


Indian-origin economist Abhijit Banerjee, 58, was on Monday awarded the Nobel Prize in Economics. Esther Duflo and Michael Kremer were also named as co-winners of the prestigious award.

Indian-origin economist Abhijit Banerjee, 58, was on Monday awarded the Nobel Prize in Economics. Esther Duflo and Michael Kremer were also named as co-winners of the prestigious award. The trio was selected for their contribution in "experimental approach to alleviating global poverty." Watch the announcement of the 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Presented by Göran K. Hansson, Secretary General of The Royal Swedish Academy of Sciences.#NobelPrize pic.twitter.com/M8kqyxvfxq — The Nobel Prize (@NobelPrize) October 14, 2019 × Abhijit Banerjee, an Indian-American born in Kolkata, is currently the Ford Foundation international professor of Economics at the Massachusetts Institute of Technology(MIT). Banerjee completed his bachelor's degree in economics at Presidency College, Kolkata and later gained a Masters degree in Economics from Jawaharlal Nehru University(JNU) in Delhi. He has also been a professor at Harvard where he completed his Ph.D. Banerjee shared the award with his wife Esther Duflo. Born in Paris, Esther, 46, is also a professor at MIT. In 1999, Abhijit was the joint supervisor of Esther's Ph.D in Economics. They were married in 2015 and have a son. "Showing that it is possible for a woman to succeed and be recognised for success I hope is going to inspire many, many other women to continue working and many other men to give them the respect they deserve." - Esther Duflo at today's press conference announcing her prize. pic.twitter.com/vTVBus80Hv — The Nobel Prize (@NobelPrize) October 14, 2019 × Esther is the second woman and the youngest person to be awarded the Prize in Economic Sciences. During the press conference after the award was announced, Esther Duflo said: "Showing that it is possible for a woman to succeed and be recognised for success." "I hope it is going to inspire many, many other women to continue working and many other men to give them the respect they deserve," Duflo added.

Indian-American professor Abhijit Banerjee, wife Esther Duflo win Nobel Prize in Economics

<p>Two Americans William Nordhaus and Paul Romer have won the Nobel Prize in Economics this year.</p>

<p><a href="http://13.232.42.114/world/wasnt-easy-for-me-to-talk-about-being-a-sex-slave-says-nobel-peace-prize-winner-nadia-murad-169707">Also Read:&nbsp;Wasn't easy for me to talk about being a sex slave, says Nobel Peace Prize winner Nadia Murad</a></p>

<p>The economists were awarded&nbsp;the Sveriges Riksbank prize&nbsp;for finding answers on how to create long-term&nbsp;sustainable economic growth, the Swedish Nobel society said.</p>

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<p dir="ltr" lang="en">BREAKING NEWS: ⁰The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2018 to William D. Nordhaus and Paul M. Romer. <a href="https://twitter.com/hashtag/NobelPrize?src=hash&amp;ref_src=twsrc%5Etfw">#NobelPrize</a> <a href="https://t.co/xUs6iSyI7h">pic.twitter.com/xUs6iSyI7h</a></p>
— The Nobel Prize (@NobelPrize) <a href="https://twitter.com/NobelPrize/status/1049235842777206784?ref_src=twsrc%5Etfw">October 8, 2018</a></blockquote>
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<p>"Their contributions provide us with fundamental insights into the causes and consequences of technological innovation and climate change," it said in a statement.</p>

<p>Paul Romer solved this problem by demonstrating how economic forces govern the willingness of firms to produce new ideas and innovations, the Nobel committee said, adding that Romer’s solution, which was published in 1990, laid the foundation of what is now called endogenous growth theory.&nbsp;</p>

<p>The theory is both conceptual and practical, as it explains how ideas are different to other goods and require specific conditions to thrive in a market, it said.</p>

<p>Nordhaus’ findings deal with interactions between society and nature. Nordhaus decided to work on this topic in the 1970s, as scientists had become increasingly worried about the combustion of fossil fuel resulting in a warmer climate, the Nobel committee informed as it announced the peace prize.&nbsp;</p>

<p>"The contributions of Paul Romer and William Nordhaus are methodological, providing us with fundamental insights into the causes and consequences of technological innovation and climate change," the Nobel society said.</p>


Two Americans William Nordhaus and Paul Romer have won the Nobel Prize in Economics this year. Also Read: Wasn't easy for me to talk about being a sex slave, says Nobel Peace Prize winner Nadia Murad The economists were awarded the Sveriges Riksbank prize for finding answers on how to create long-term sustainable economic growth, the Swedish Nobel society said.

Two Americans William Nordhaus and Paul Romer have won the Nobel Prize in Economics this year. Also Read: Wasn't easy for me to talk about being a sex slave, says Nobel Peace Prize winner Nadia Murad The economists were awarded the Sveriges Riksbank prize for finding answers on how to create long-term sustainable economic growth, the Swedish Nobel society said. BREAKING NEWS: ⁰The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2018 to William D. Nordhaus and Paul M. Romer. #NobelPrize pic.twitter.com/xUs6iSyI7h — The Nobel Prize (@NobelPrize) October 8, 2018 × "Their contributions provide us with fundamental insights into the causes and consequences of technological innovation and climate change," it said in a statement. Paul Romer solved this problem by demonstrating how economic forces govern the willingness of firms to produce new ideas and innovations, the Nobel committee said, adding that Romer’s solution, which was published in 1990, laid the foundation of what is now called endogenous growth theory. The theory is both conceptual and practical, as it explains how ideas are different to other goods and require specific conditions to thrive in a market, it said. Nordhaus’ findings deal with interactions between society and nature. Nordhaus decided to work on this topic in the 1970s, as scientists had become increasingly worried about the combustion of fossil fuel resulting in a warmer climate, the Nobel committee informed as it announced the peace prize. "The contributions of Paul Romer and William Nordhaus are methodological, providing us with fundamental insights into the causes and consequences of technological innovation and climate change," the Nobel society said.

US duo William Nordhaus, Paul Romer win Nobel Prize in Economics