Three U.S.-based academics won the 2024 Nobel economics prize on Monday for research that explored the aftermath of colonisation to understand why global inequality persists today, especially in countries dogged by corruption and dictatorship, APA reports citing Reuters.
Simon Johnson and James Robinson, both British-American, and Turkish-American Daron Acemoglu were commended for their work on "how institutions are formed and affect prosperity", the Royal Swedish Academy of Sciences said.
"Reducing the vast differences in income between countries is one of our time's greatest challenges," said Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences.
"They have identified the historical roots of the weak institutional environments that characterize many low-income countries today," he told a press conference.
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