Direct Translation via Google Translate. Edited.
[Regnum] The Nobel Committee of the Royal Swedish Academy of Sciences has awarded the Nobel Prize in Economics to American scientists Daron Acemoglu, Simon Johnson, and James Robinson for studying the influence of social institutions on the prosperity of society. The first two researchers represent the Massachusetts Institute of Technology, James Robinson — the University of Chicago.
The work of the 2024 laureates helps to understand why societies without the rule of law and exploitation of the population do not prosper, the press release notes.
| A good question to answer. |
To assess the role of social institutions, the scientists turned to the period of colonization. In some colonies, the invaders pursued the goal of exploiting the native population and using the extracted resources for their own interests. In others, the colonists formed comprehensive political and economic systems for the long-term benefit of European migrants. The laureates' research showed that one of the explanations for why the first type of society declined and the second flourished were the social institutions that were introduced during the process of colonization.
“The implementation of inclusive institutions brings long-term benefits to everyone, while extractive institutions bring short-term benefits to those in power,” the Nobel Committee noted.
In 2023, the Nobel Prize in Economics was awarded to American Claudia Goldin for her research on the role of women in the labor market. She took a new approach to studying gender inequality and explained why women earn less than men.
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