Last week, the 2024 Nobel Prize in Economic Sciences was awarded to three prominent economists— The MIT’s Daron Acemoglu and Simon Johnson, and the University of Chicago’s James Robinson—for their studies on the central role political and economic institutions play in determining a nation’s prosperity.

Thank you for signing up!

By clicking submit, you agree to our terms of service and acknowledge we may use your information to send you emails, product samples, and promotions on this website and other properties. You can opt out anytime.

Acemoglu and Robinson are perhaps best known for their co-authored book, Why Nations Fail, which argues that inclusive institutions—those that provide equitable economic opportunities, enforce property rights and uphold the rule of law—are the foundation for sustained prosperity. In contrast, extractive institutions, which concentrate power and wealth in the hands of a few, stifle innovation and hold back economic development. Johnson has co-authored research with Acemoglu and Robinson on the same topic, which served as a foundation of........

© Observer