Why do some countries decline while others prosper?

Nobel Memorial Prize in Economic Sciences for 2024

Abstract

The 2024 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, often called the Nobel Prize in Economics, was awarded to professors of Massachusetts Institute of Technology Daron Acemoğlu and Simon Johnson, as well as University of Chicago professor James A. Robinson, for “studies of how institutions are formed and affect prosperity”. As stated in the Nobel Committee's press release, they «have demonstrated the importance of societal institutions for a country’s prosperity. Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better. The laureates’ research helps us understand why”.