The Royal Swedish Academy of Sciences has awarded the 2024 Sveriges Riksbank Prize in Economic Sciences to Daron Acemoglu, Simon Johnson, and James Robinson for their research on how institutions impact prosperity. They have highlighted the importance of inclusive institutions over extractive ones for long-term economic growth and societal well-being. Their work has shown that former colonies with inclusive institutions tend to be more prosperous, while those with extractive institutions face economic stagnation. The laureates emphasize the need for credible promises of positive change and the role of democratization in breaking the cycle of extractive institutions. The prize amount is 11 million Swedish kronor to be shared equally between the three recipients.
https://www.nobelprize.org/prizes/economic-sciences/2024/press-release/