Armenian-American economist Daron Acemoglu has been awarded the 2024 Nobel Prize in Economic Sciences. Acemoglu, alongside fellow economists Simon Johnson and James A. Robinson, received the prestigious prize for their groundbreaking research on the role of societal institutions in determining national prosperity, reports Zartonk Media.
The Royal Swedish Academy of Sciences, which announced the prize in Stockholm, emphasized that their research has “demonstrated the importance of societal institutions for a country’s prosperity,” and highlighted that addressing income inequality is “one of our time’s greatest challenges.”
Acemoglu, Johnson, and Robinson demonstrated how inclusive institutions”those that encourage broad political and economic participation”are critical to a nation’s success. Their research shows how the legacy of extractive institutions in some countries has stifled economic growth, while others, adopting inclusive systems, have prospered. This work provides a deeper understanding of global inequality.
In the Nobel committee’s announcement, Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences, stated, “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.”
Acemoglu and Johnson are both professors at the Massachusetts Institute of Technology (MIT), while Robinson is based at the University of Chicago, where he directs the Pearson Institute for the Study and Resolution of Global Conflicts. The trio will share the 11 million Swedish kronor (approximately $1.058 million) prize.
Daron Acemoglu was born in Istanbul in 1967 to Armenian parents and has taught at MIT since 1993. He earned his PhD from the London School of Economics in 1992 and is widely known for his work on political economy, particularly in understanding the roots of global inequality. In 2012, he co-authored the influential book Why Nations Fail: The Origins of Power, Prosperity, and Poverty with James A. Robinson, which explores why some countries achieve wealth while others remain impoverished.
Acemoglu is only the second Armenian to win a Nobel Prize in any category, following Ardem Patapoutian, who was awarded the Nobel Prize in Physiology or Medicine in 2021 for his groundbreaking discoveries of receptors for temperature and touch.
