U.S.-based academics Daron Acemoglu, Simon Johnson and James Robinson won the 2024 Nobel Prize
in economics "for studies of how institutions are formed and affect prosperity", the Royal Swedish Academy of Sciences said on Monday.
The prestigious award, formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is the final prize to be given out this year and is worth 11 million Swedish crowns ($1.1 million).
"Reducing the vast differences in income between countries is one of our time's greatest challenges. The laureates have demonstrated the importance of societal institutions for achieving this," said Jakob Svensson, chair of the Committee for the Prize in Economic Sciences.
"Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better," the award organizers added on their website.
Daron Acemoglu and Simon Johnson work at the Massachusetts Institute of Technology, while James Robinson is at the University of Chicago.