Why in News - Daron Acemoglu, Simon Johnson, James Robinson win Economics Nobel for 2024
✅The trio have been recognised “for studies of how institutions are formed and affect prosperity.”
✅The laureates’ research examines how different political and economic systems, particularly those established during colonialism, have had long-lasting effects on the prosperity of nations.
✅Their work has developed theoretical frameworks to explain why certain institutions endure over time and how they can evolve, shedding light on the persistent income gaps between countries, the academy said in awarding the prize.
✅“Reducing the vast differences in income between countries is one of our time’s greatest challenges. The laureates have demonstrated the importance of societal institutions in achieving this,”
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