- Americans were awarded for their studies on social institutions and how they contribute to nations | Photo: EFE
The Americans Daron Acemoglu, of Turkish origin, Simon Johnson and James A. Robinson, both of British origin, received on Monday, October 14, the 2024 Nobel Prize in Economic Sciences for their studies on how institutions are formed and how they affect prosperity , announced the Royal Swedish Academy of Sciences.
“Reducing the enormous income differences between countries is one of the greatest challenges of our time. The winners have demonstrated the importance of social institutions to achieve this,” explained Jakob Svensson, president of the Economic Sciences Prize Committee.
The three winners, according to the committee, have demonstrated the importance of social institutions for the prosperity of nations and that societies with a fragile rule of law and institutions that tend to exploit the population do not generate growth or changes that lead to an improvement.
The committee also noted that the laureates have shown that one of the explanations for the differences in the prosperity of countries is the social institutions that were introduced during colonization.
Conclusion of the investigations
According to experts, the creation of inclusive institutions has generated wealth while extractive institutions, although they produce short-term gains for those in power, do not improve the general situation of the population.
However, they also demonstrate that change is possible and that new institutions can be formed. In some circumstances, a country can free itself from its inherited institutions to establish democracy and the rule of law. In the long term, these changes also lead to a reduction in poverty.
Based on an analysis of the situation in the city of Nogales, on the border between Mexico and the United States, the three economists show that what is decisive is not geography or culture, but institutions.
“North Americans live in the United States economic system, which gives them greater opportunities to choose their education and profession. They are also part of the United States political system that grants them broad political rights,” the committee emphasizes.
As for the inhabitants of the south of the fence, they live in other economic conditions and the political system limits their potential to influence legislation.
The Nobel Prize in Economic Sciences was created by the Bank of Sweden in tribute to Alfred Nobel. This category is the only one that was not established in the will of the Swedish inventor.
The winners in 2024
The Nobel Prizes began on October 7. This day the award was given to Americans Victor Ambros and Gary Ruvkun in the Medicine or Physiology 2024 category for the discovery of micro-RNA and its role in post-transcriptional gene regulation.
Later, on October 8, John J. Hopfield and Geoffrey E. Hinton won the Nobel Prize in Physics for their fundamental discoveries and inventions enabling machine learning with artificial neural networks.
On October 9, the Nobel Prize in Chemistry was awarded to American David Baker for the computational design of proteins and to Demis Hassabis (the United Kingdom) and John M. Jumper (the United States) for the prediction of their structure. .
The Nobel Prize in Literature was received by the South Korean Han Kang and the Japanese foundation Nihon Hidankyo received the prize from La Paz.
The Nobel winners in 2023
These are the winners of the different categories of the 2023 Nobel Prize:
-Nobel Peace Prize: Narges Mohammadi, imprisoned Iranian activist. She was recognized for her fight against the oppression of women in Iran and her defense of human rights.
-Nobel Prize in Physics: Pierre Agostini, Ferenc Krausz and Anne L’Huillier for developing experimental methods that generate light pulses in attoseconds, which makes it possible to study the dynamics of electrons in matter.
-Nobel Prize in Chemistry: Moungi Bawendi, Louis Brus and Alexei Ekimov, for their pioneering work in the discovery and development of quantum dots, materials that have important applications in technology and medicine.
-Nobel Prize in Medicine: Katalin Karikó and Drew Weissman, for their fundamental research on modifications of messenger RNA, which contributed to the development of vaccines against covid-19.
-Nobel Prize for Literature: Jon Fosse, Norwegian writer, was awarded for his deeply meditative works, which explore the human experience in a minimalist and poetic style.
The Nobel Prizes
These recognitions were created by the Swedish inventor Alfredo Nobel, creator of dynamite, who specified in his will in 1895 that his fortune be used to reward those people who brought benefits to humanity.
Thus, since 1901, five years after Nobel’s death, these prizes have been awarded to people or institutions around the world that have made “exceptional” contributions to the benefit of humanity.
Regarding the recognition for Economic Sciences, it was created in 1968 by the Bank of Sweden.
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