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The Nobel Prize for Economics is won by three economists who researched global inequality

2024-10-14 18:30:00, Kosova & Bota CNA

The Nobel Prize for Economics is won by three economists who researched global

Economists Daron Acemoglu, Simon Johnson, and James A. Robinson have documented that free and open societies are more likely to prosper.

The Nobel Prize in Economics has been awarded to three economists who conducted research to learn why some countries are rich and others poor. They have documented that free and open societies are more likely to prosper.

Economists Daron Acemoglu, Simon Johnson and James A. Robinson "have proven the importance of social institutions for the prosperity of a country," the Nobel committee of the Swedish Academy of Sciences said in an announcement in Stockholm on Monday.

Acemoglu and Johnson work at the Massachusetts Institute of Technology in the United States, while Robinson works at the University of Chicago.

Jakob Svensson, chairman of the Committee for the Prize for Economic Sciences, said that their research enables "a much deeper understanding of the root causes of why countries fail or succeed".

Acemoglu, 57, said he was amazed by the award.

"You never expect something like this," he said.

Acemoglu said that the research honored with this award emphasizes the value of democratic institutions.

"I think that the work we have done is good for democracy", he said.

In their work, the winners researched, for example, the city of Nogales, which lies on both sides of the border between the United States and Mexico.

Although they share the same geography, climate and culture, the lives of people on both sides of the border are very different. In Nogales, Arizona, to the north, residents always enjoy good health and live long lives, and most children graduate from high school. In the south, in Nogales, Mexico, the residents are much poorer, while there is also a lot of corruption and organized crime.

Economists found that the difference is that the American system protects property rights and gives citizens opportunities to be involved in decision-making in their government.

The economics prize is not one of the first five prizes that were awarded in 1895, when the Nobel Prize was created by the inventor of dynamite, Alfred Nobel.

The Nobel Prize for Economics has been awarded since 1969./ REL