Economists Ester Duflo, Michael Kremer and Abhijit Banerjee win Nobel prize in economics for research on institutions and prosperity

Daron Acemoglu, Simon Johnson, and James Robinson have won the 2024 Nobel Prize in economics. The Nobel committee recognized their work demonstrating the importance of societal institutions for a country's prosperity. They highlighted the significance of institutions in determining a country's economic outcomes, and specifically noted the benefits of more inclusive institutions, a commitment to the rule of law, and reduced extraction of resources by elites. The Nobel committee stated that societies with poor rule of law and exploitative institutions do not generate growth or improve their conditions, and that reducing vast income differences between countries is one of the greatest challenges of our time. The three economists work at prominent institutions: Acemoglu and Johnson at the Massachusetts Institute of Technology, and Robinson at the University of Chicago.