The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2024 to Daron Acemoglu, Simon Johnson, and James A. Robinson “for studies of how institutions are formed and affect prosperity”.
This year prize shows an explanation on differences in prosperity between countries.
The laureates call societal institutions both through the perspectives of economics and politics on how markets function, followed with the research on how well prosperity is protected.
The research shows:
- inclusive institutions are good for long run growth and prosperity.
- democracies are better than non-democracies.
- democracy promotes growth in long run.
- democracy provides a stable growth.
- not all autocracy is poor, look at China as example.
Though, the laureates don’t provide any simple recipes on how to get there.
Related link:
Announcement of the 2024 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel
Inclusive institutions are good for long-run growth and prosperity | Economic sciences prize 2024
