Nobel Prize in Economics awarded for research on wealth disparities between nations

The Nobel Prize in Economics has been awarded to three economists for their research on wealth disparities between nations, the Royal Swedish Academy of Sciences announced on Monday. They will share the prize of almost 1 million euros. 

The trio’s work focuses on how institutions are formed within countries and how they affect a nation’s economic development. “The laureates have demonstrated that one explanation for differences in countries’ prosperity is the societal institutions that were introduced during colonisation,” the prize committee said.

Countries with weak rule of law that developed exploitative institutions have experienced low economic growth, while those with inclusive institutions over time have became prosperous. 

"Their work has significantly advanced our understanding of global inequality"

The laureates’ work shows the importance of institutions in tackling vast income inequalities between nations, one of today’s greatest challenges. “Their work has significantly advanced our understanding of global inequality, both empirically and theoretically,” said Jakob Svensson, chair of the committee.

The Nobel Prize in Economics, officially known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, is the final Nobel prize announced this year, following last week’s announcements for Medicine, Physics, Chemistry, Literature and Peace.

The prizes will be awarded on 10 December, the anniversary of Nobel’s death, in Stockholm, with the Peace Prize ceremony taking place in Oslo.

 

Jan Teorell of the Nobel assembly delivers a press conference after the announcement of the 2024 Nobel Prize in Economics © PHOTO CHRISTINE OLSSON / TT NEWS AGENCY / AFP


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