Economists Daron Acemoglu, Simon Johnson and James A. Robinson received the 2024 Nobel Prize in Economics on Monday “for their studies of institutions and how they affect prosperity.” The Swedish Academy of Sciences recognizes researchers from MIT in the United States for their models “to explain the circumstances in which political institutions form and change” and how they influence economic development.
The history of the award
The prize was created in 1968, 300 years after the birth of the Central Bank of Sweden which finances it. Since then, every year an application form is sent to dozens of economics departments at universities around the world.
From these proposals, which may exceed 100 researchers, a Nobel committee makes a selection of these recommendations and, from this final selection, the plenary session of the Swedish Academy of Sciences selects the winner in a secret vote.
This category was not one of the five that Alfred Nobel left in his will: Physics, Chemistry, Literature, Medicine and Peace. But over the years, he is considered one more. The total prize amount is almost one million euros.
