Nobel Prize in Economy 2024 goes to three economists for their work on differences in welfare among nations

A three-thirds of economists were honoured Monday with the Nobel Prize for their “modations on the way institutions are formed and impacted welfare”. Daron Acemoglu, Simon Johnson and James Robinson will share the prize, which includes a reward of 11 million Swedish korons (1m dollars).

Pattern

“The laureate model to explain the circumstances under which political institutions are formed and changed has three components. The first is the conflict over the way resources are divided and who holds the decision-making power in a society (elita or measures)” was said in an X post from the Nobel Prize.
The second “is that measures sometimes have the opportunity to exercise power by mobilizing and threatening the ruling elite; power in a society is more than just the power to make decisions. The third is the problem of engagement, which means the only option is for the elite to hand over the decision-making power to the people,” read in the post at X.

The Price

This award is officially known as “The Swedish Bank's award for economic science in memory of Alfred Nobel”.
The central bank founded it as a memorial to the 19th century Swedish Nobel, businessman and chemist, who invented dynamite and created five Nobel Prizes. The first winners were Ragnar Frisch and Jan Tinbergen in 1969. Last year, Harvard University professor Claudia Goldie was honoured for her research that helps explain why women worldwide are less likely to work and why they earn less when they do. She was just the third woman among 93 economy laureates. /vna