On Monday, the Royal Swedish Academy of Sciences announced that Daron Acemoglu, Simon Johnson, and James A. Robinson have been awarded the 2024 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. The trio of U.S.-based economists was recognized for their groundbreaking work on the role of institutions in shaping the economic prosperity of nations.
Their research has profoundly influenced the understanding of why some countries thrive while others struggle, revealing that weak institutions, poor rule of law, and systems that exploit populations stifle growth and hinder positive change. The Nobel Committee emphasized that the laureates’ work demonstrates the importance of strong societal institutions for fostering prosperity.
James A. Robinson, a professor at the University of Chicago and co-author of the influential bestseller Why Nations Fail, has dedicated much of his career to analyzing the political and economic factors that lead to unequal development across nations. His contributions have illuminated how institutions—whether inclusive or extractive—affect economic outcomes and development trajectories.
Zagreb School of Economics and Management had the distinct honor of hosting Professor Robinson at the New Europe Business Forum, where he spoke on the critical theme of Competing in a Globalized and Ambiguous World. His presentation at the forum offered invaluable insights into the challenges and opportunities posed by globalization, and the importance of strong, adaptable institutions in such an environment.
We congratulate the laureates on this prestigious award and celebrate their contributions to the field of economics. Their work continues to inspire policymakers, academics, and students around the world to better understand the role of institutions in shaping the future of economies and societies.
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