This year the 2024 Nobel Prize in Economics has been awarded to Acemoglu and the colleagues for their recent knowledge of global wealth and country to which wealth is most important: the wealth between the countries, published last year by Acemoglu, Simon Johnson and James Robinson. Thus, the study has also advanced our understanding on which forms of governance in Western Europe affect the countries of today. The authors have also underlined the key factors of institutions and the economic development which has been seen through several nations.
The Nobel jury when presenting the award said, ‘The main reasons why some nations are high and some are low in terms of income and development are mainly from societal institutions.’ “Income issues between nations have emerged to be one of the biggest challenges of our time,” Jakob Svensson, Chairman of the Prize Committee for Economic Sciences, said. And, he also remarked that, the laureates have underlined the importance of the correct functioning of social institutions in achieving success.
They are both professors and were assigned with the positions of Professor at the Massachusetts Institute of Technology and the same positions at 61 years of age. Prof Robert James Robinson who is from the University of Chicago is an older man of 64 years. Their joint view has led to producing artifacts that highlight how colonial powers established legacies that continue to shape present-day structures related to economies and politics of the colonies they colonized. Thus, according to the three, these are important in showing why some of the countries in the world are still quite underdeveloped, and others are rather prospering.
Based on the findings of the two researches undertaken, these authors have found that better developed and more democratic institutions are more suitable for long run sustainable economic growth and population improvement, as well as as the potential long run population improvement, especially as a long term approach to develop a sustainable human system and the sustainable development of human societies. On the other hand, reformatory institutions intended to benefit the minority, which do not focus on the majority, generally hinder development. The co-author book by Akmoglu and Robinson, which is titled Why Nations Fail, explores these issues in detail and is a crucial work in the field of international economics.
He was glad and shocked by the news received. “Thank you!” They’re very good news, just a surprise and really fantastic news as he had to call to the news in Stockholm. The economics prize unlike the original five which were created in accordance to Alfred Nobel’s will from Swedish, in 1895, Nobel prizes fund was derived from the central bank of Sweden which came into existence in 1968. Some persons think it is a ruse to win the Nobel Prize, and thus, this one award is not what the Nobelists intend. This, however, is different because the Royal Swedish Academy of Sciences awards the prize and, like the other Nobel Prizes, conducts a thorough selection process in order to uphold its integrity within the scientific community.
For the readers, I will add at the end of this article, the Economic Sciences Prize prize money was given this year. This year, there were several prize awards, including the physics and chemistry award to the student who demonstrated the greatest intelligence and determination, and the World Peace Prize which was given to the Japanese group known as Nihon Hidankyo in the attempt to get rid of nuclear weapons. From the 2024 Seoul Literary Festival, it has been awarded to the literature one, which made its winner from South Korea – Han Kang, a woman who has achieved a record in the past two years and only made an achievement of a single person in a year, and also it is worth noting that medicine one will receive the prize to the researcher of gene regulation mechanisms, making Han Kang an inspiration and pioneer.
The Nobel Prizes, those given in the following categories, come with a diploma that they receive in silver, a gold medal of value 1 million dollars, and the same in economic category, and in literature one also gets a diploma. Some of the winners could have also gotten notified about this event because the ceremony that would be held on 10th of December in Stockholm and Oslo would be celebrating the death of Alfred Nobel who died on 10th of December in year 1896, therefore the winner could not help but know that Alfred Nobel’s Death would be being commemorated on this event. Another year’s winners endorsement and continuing the culture of supporting the people who contribute to improving the world or to increasing the knowledge of the world.
