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The Royal Swedish Academy of Sciences on Monday announced that the 2024 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to economists Daron Acemoglu, Simon Johnson, and James A Robinson. 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,” said Jakob Svensson, chair of the committee for the prize in Economic Sciences.

Daron Acemoglu, a Turkish American economist of Armenian heritage, has been a professor at the Massachusetts Institute of Technology (MIT) since 1993. His research spans multiple fields, including political economy, macroeconomics, and development economics. Acemoglu is widely known for his influential work, co-authoring books such as The Narrow Corridor and Why Nations Fail with James Robinson.