Nobel Prize 2024: The 2024 Nobel Prize in Economics has been awarded for studies on how institutions are formed and affect prosperity. These Nobel Prizes go to Daron Acemoglu, Simon Johnson and James A. Given to Robinson.
“The laureates’ model to explain the circumstances of the formation and change of political institutions has three components. The first is how resources are allocated and decision-making power in society,” the Nobel Prize said in a post on X. There is a struggle over who has it (the elite or the common people).”
The post continued, “The second is that sometimes the masses have the opportunity to exercise power by organizing and intimidating the ruling elite; thus power in society is more than the power to make decisions. The third problem is commitment.” problem, which means that the only option for the elite is to hand over decision-making power to the masses.”
Who won this prize for the first time?
The award is officially known as the ‘Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel’. The Central Bank established it in memory of Nobel, the 19th century Swedish businessman and chemist who invented dynamite and established the five Nobel Prizes. The first winners were Ragnar Frisch and Jan Tinbergen, who won the prize in 1969.
Who got this Nobel Prize in 2023?
Last year, Harvard University professor Claudia Goldin was honored for her research that helps explain why women around the world are less likely to work than men and when they do work, they have to pay less. Why do you get less money? She was only the third woman among the 93 economics award winners.
Although Nobel purists insist that the Economics Prize is not technically a Nobel Prize, it is always awarded on December 10 along with other awards.
Also read: Nobel Prize 2024: South Korean writer Han Kang receives Nobel Prize for Literature