Prosperity and poverty: the role of political and economic institutions
Daron Acemoglu , Simon Johnson , and James A. Robinson , authors of the book Why Nations Fail , are the 2024 winners of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel . The prize, often referred to as the Nobel Prize in Economic Sciences, was awarded for their research into why some countries are rich and others poor. Their work explains how political and economic institutions determine the prosperity of nations. Institutions—the rules and systems that determine how a society functions—are key to understanding differences in prosperity and poverty, they argue.