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Two British professors are among the winners of the 2024 Nobel Prize in economics.
Simon Johnson, 61, and James A Robinson, 64, have been recognised by the Royal Swedish Academy of Sciences for their “studies of how institutions are formed and affect prosperity”.
They were joined by Turkish economist Daron Acemoglu – also a professor – in winning the prize which includes a share of 11 million Swedish kronor (£808,522).
Their research explains why societies with poor rule of law and exploitative institutions do not generate sustainable growth.
Prof Acemoglu and Prof Johnson work at the Massachusetts Institute of Technology (MIT) while Prof Robinson conducts his research at the University of Chicago.
“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.
He said their research has provided “a much deeper understanding of the root causes of why countries fail or succeed”.
Turkish-born Prof Acemoglu, 57, said he was surprised and shocked by the award. “I think broadly speaking the work that we have done favours democracy,” he said during a news conference in Stockholm.
But he added that “democracy is not a panacea. Introducing democracy is very hard. When you introduce elections, that sometimes creates conflict.”
The prize was announced at the Royal Swedish Academy of Sciences. Pic: TT News Agency/AP
The University of Chicago described Prof Robinson as an economist and political scientist whose research examines the relationships between political power and institutions and prosperity.
It said he has conducted…
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