The Royal Swedish Academy of Sciences on Monday has decided to award the 2024 Nobel Prize also known as the Sveriges Riksbank Prize in Economic Sciences to Daron Acemoglu, Simon Johnson and James A. Robinson “for studies of how institutions are formed and affect prosperity.” This year’s laureates have demonstrated the importance of societal institutions for a country’s prosperity.

The laureates have contributed innovative research about what affects countries’ economic prosperity in the long run. Their insights on how institutions influence prosperity show that work to support democracy and inclusive institutions is an important way forward.