Two MIT economists were among those awarded the Nobel Prize in economics Monday for their decades of work illuminating the relationship between political institutions and economic prosperity.
Two MIT economists were among those awarded the Nobel Prize in economics Monday for their decades of work illuminating the relationship between political institutions and economic prosperity.
“Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better,” the release from the Royal Swedish Academy of Sciences stated. “The laureates’ research helps us understand why.”
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2024 was awarded to three collaborators for their research, MIT economics professors Daron Acemoglu and Simon Johnson and the University of Chicago professor James Robinson.
The prize recognized the researcher’s work exploring hundreds of years of countries’ histories to demonstrate how democracies which uphold rule of law and individual and property rights spur economic growth.
