Three laureates of the Nobel Prize in Economics have been announced

This year, the Nobel Prize in Economics was awarded for “how institutions are formed and affect prosperity” / illustration x.com/NobelPrizeThe laureates of the Nobel Prize in Economic Sciences in 2024 were Daron Acemoglu, Simon Johnson and James A. Robinson. Scientists have helped to understand differences in the prosperity of different countries.

The winners of the economics prize were announced on October 14, 2024 by the Nobel Committee of the Royal Swedish Academy of Sciences in Stockholm, according to the Twitter page.

Daron Acemoglu, Simon Johnson, and James Robinson have demonstrated the importance of public institutions for the prosperity of a country. Societies with low levels of law and order and institutions that exploit the population are not conducive to growth or change for the better.

Currently, the richest 20% of the world’s countries are about 30 times richer than the poorest 20%. The income gap between the richest and poorest countries also persists; although the poorest countries have become richer, they are not catching up with the prosperous ones.

The laureates of the award found new and convincing evidence of one of the explanations for this gap – differences in the institutions of society. The introduction of more inclusive institutions, reduced mining and the rule of law will bring long-term benefits.

The laureate model, which explains the circumstances under which political institutions are formed and changed, consists of three components:

Conflict over the distribution of resources and who has decision-making power in society.

The masses are sometimes able to exercise power by mobilizing and threatening the ruling elite; thus, power in society is more than the right to make decisions.

A commitment problem, which means that the only alternative is for the elite to transfer decision-making rights to the population.

Nobel Prize 2024 – the latest newsScientists Viktor Ambros and Gary Ravkan, who discovered a new class of RNA molecules, were awarded the prize in medicine and physiology.

At the same time, the Nobel Prize in the field of chemistry was “shared” by several laureates – David Baker “for the computational design of the protein”, as well as Demis Gassabis and John Jumper “for the prediction of the protein structure”.

The Nobel Prize in Literature was awarded to South Korean writer Han Kang “for intense poetic prose that confronts historical trauma and exposes the fragility of human life.”

In addition, the Nobel Peace Prize was awarded to the Japanese organization of those who survived the nuclear bombings of Hiroshima and Nagasaki Nihon Hidankyo.

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