ECONOMIC EXCELLENCE

The 2024 economics Nobel prize was awarded to Daron Acemoglu/Simon Johnson of MIT and James Robinson of the University of Chicago. They won it for a seminal 2001 paper, showing how economic growth is profoundly dependent on political institutions. They contrast extractive institutions, where elites take the economic rewards and poverty is high, and inclusive institutions where wealth is shared and incomes are high. All three are foreign born.