Daron Acemoglu, an American scientist of Armenian descent, along with two colleagues, has been awarded the prestigious prize for their research on the role of social institutions in the economic development of countries.
Today, the Royal Swedish Academy of Sciences announced the laureates of the 2024 Nobel Prize in Economics. The prestigious award was given to American researchers Daron Acemoglu, an economist of Armenian descent, Simon Johnson, and James Robinson for their outstanding contributions to understanding the role of institutions in economic development, as reported by the newspaper Vedomosti.
The work of the scientists, recognized by the Nobel committee, reveals the mechanisms of how social institutions are formed and their impact on the wealth of nations. The researchers focused on analyzing the consequences of European colonization and concluded that the social institutions altered or created in the colonies are at the root of modern differences in national prosperity levels.
A key discovery was the concept of "inclusive institutions," which, when implemented in poor countries, gradually led to a general increase in the population’s well-being. This theory explains why some former colonies, once rich, are now among the poorest nations, and vice versa.
