Big shoutout to Daron Acemoglu, Simon Johnson, and James Robinson! 🎉 They've just won the 2024 Nobel Prize in Economics for their awesome work on how institutions shape the world's prosperity. 🌍💰
Ever wondered why some countries are rolling in wealth while others struggle? These economics superheroes 🦸♂️ have an answer! They've shown that it's not just about geography or culture but the institutions that run the show.
Take the city of Nogales, split by the US-Mexico border. On the US side, people generally live better lives compared to those on the Mexican side. The difference? Institutions! 🏛️ North of the border, folks have greater opportunities and political rights. South of it, economic conditions and political systems hold people back.
\"Reducing the huge income gaps between countries is one of our time's biggest challenges,\" said Jakob Svensson, chair of the Nobel Committee. \"Our laureates have shown how crucial societal institutions are in making this happen.\"
Acemoglu, 57, and Johnson, 61, both rock it at MIT, while Robinson, 64, shines at the University of Chicago. 📚 They're proving that inclusive institutions that offer economic freedoms and uphold the rule of law are the real game-changers. 🏆
And guess what? Their research also highlights that democracy isn't just a fancy word. 🗳️ It's a driving force for growth! \"Countries that democratize grow about eight, nine years faster than non-democratic regimes,\" Acemoglu said from Athens. \"It's a substantial gain.\"
So, what's the takeaway for us? Institutions matter—big time! They're key to unlocking prosperity and reducing inequality worldwide. 🌟
The Nobel Prizes come with a shiny gold medal and a cool $1 million reward. 💰 They'll be handed out on December 10, marking the anniversary of prize founder Alfred Nobel's passing.
Let's give it up one more time for these brilliant minds changing the world! 🎊
Reference(s):
Acemoglu, Johnson and Robinson win 2024 Nobel economics prize
cgtn.com
