Three Economists Awarded Nobel for Research on Global Inequality

Three U.S.-based academics, Simon Johnson, James Robinson, and Daron Acemoglu, received the 2024 Nobel Prize in Economic Sciences for their research on the persistence of global inequality, particularly in corrupt and dictatorial regimes, highlighting the role of societal institutions in achieving prosperity.

In a significant acknowledgment of groundbreaking research, three U.S.-based academics have been honored with the 2024 Nobel Prize in Economic Sciences. The award, presented to Simon Johnson, James Robinson, and Daron Acemoglu, recognizes their pioneering work examining the enduring nature of global inequality, particularly in nations plagued by corruption and authoritarian governance.

The Royal Swedish Academy of Sciences praised the laureates for their insightful exploration into how societal institutions are formed and their vital role in fostering prosperity. Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences, emphasized the importance of their findings, noting the historical roots of weak institutional frameworks that characterize many low-income countries today.

This prestigious honor, formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, underscores the critical challenge of reducing income disparities across the globe. It arrives at a pivotal moment, coinciding with a World Bank report showing that 40% of the world's poorest population reside in countries more indebted now than at any point since 2006.

(With inputs from agencies.)