The Royal Swedish Academy of Sciences announced that the 2024 Nobel Prize in Economics was awarded to Daron Acemoğlu, Simon Johnson and James A. Robinson "for studies of how institutions are formed and affect prosperity". The Nobel Committee highlighted the work of the three award-winning economists, which helps us understand the impact of social institutions on international prosperity differences. The statement noted that societies where the rule of law is weak and institutions that exploit the population are present are limited in terms of growth and development. Jakob Svensson, chairman of the academy's economics award committee, pointed out that one of the biggest challenges facing the world today is how to close the income distribution gap between countries, and stated that thanks to these studies, countries have a better understanding of the reasons for their success and failure.
