[Breaking News 2] 'Importance of Social Institutions for National Prosperity' Study: Daron Acemoglu and Two Others Awarded Nobel Prize in Economics

Professor Aessmoglu, Johnson, and Robinson Awarded Economics Prize
Recognized for Research on the Importance of Social Institutions for National Prosperity

This year's Nobel Prize in Economics was jointly awarded to Daron Acemoglu, Simon Johnson, and James Robinson for their research on how social institutions are crucial in the widening prosperity gap between countries.

The Royal Swedish Academy of Sciences announced on the 14th (local time) that these three would receive the Nobel Prize in Economics. Acemoglu and Johnson are professors at the Massachusetts Institute of Technology (MIT) in the United States, while Robinson is a professor at the University of Chicago.

The judging panel stated, "The laureates have demonstrated how important social institutions are for a nation's prosperity," adding, "Societies with weak rule of law and institutions that exploit their populations fail to generate growth or better change, and the laureates' research has helped us understand this."

Jakob Svensson, chairman of the Nobel Prize in Economics committee, explained, "Reducing the enormous income disparities between countries is one of the greatest challenges of our time," and "the laureates have proven the importance of social institutions in addressing this challenge."

Unlike the other five categories awarded since 1901, the Nobel Prize in Economics has been awarded since 1969. Despite its common name, the official title is 'The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.' This is because the prize was established by the Sveriges Riksbank on its 300th anniversary.

Thus, in accordance with the wishes of Swedish inventor Alfred Nobel, the Nobel Prizes, which recognize those who have made significant contributions to human progress, have completed this year's announcements from the Physiology or Medicine Prize on the 7th to the Economics Prize today.

The Nobel Prize ceremony is held on December 10, the anniversary of Nobel's death. The prizes for Physics, Chemistry, Physiology or Medicine, Literature, and Economics are awarded in Stockholm, Sweden, while the Peace Prize is awarded in Oslo, Norway. Laureates receive a medal and a cash award of 11 million Swedish kronor (approximately 1.435 billion KRW).