Turkish economist Daron Acemoglu awarded the 2024 Nobel Prize in Economics

Turkish economist of Armenian descent, Daron Acemoglu, along with Simon Johnson and James A. Robinson, has been awarded the 2024 Nobel Prize in Economics. According to a post from the Nobel organization’s X (formerly Twitter) account, the prize was given to the three for their work on “how institutions are formed and how they affect prosperity.”

In a statement from the Nobel Committee, following was shared: 

“This year’s Nobel laureates in economics have helped us understand the differences in prosperity between nations. Daron Acemoglu, Simon Johnson, and James Robinson have demonstrated the importance of social institutions for a nation’s prosperity. In societies where the rule of law is weak and institutions exploit the population, growth or positive change does not occur. Their research helps us understand why this happens.”

The Nobel Prizes, established by Swedish inventor Alfred Nobel, who passed away in 1896, are awarded annually in the fields of physics, chemistry, medicine, peace, economics, and literature, as per his will.

In 2023, the Nobel Prize in Economics was awarded to American Professor Claudia Goldin of Harvard University for her work on women’s roles in the labor force.