In Economic Science, Daron Acemoglu, Simon Johnson and James A. Robinson received Nobel Prize

Nobel Prize 2024: The 2024 Nobel Prize in Economics has been awarded for studies on how institutions are formed and affect prosperity. These Nobel Prize winners are 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.”