(VOVWORLD) -Nobel Economics Prize was awarded on Monday to Daron Acemoglu, Simon Johnson and James A. Robinson who have contributed innovative research about how institutions are formed and affect prosperity.
 The 2024 Nobel Prize in Economics goes to Daron Acemoglu, Simon Johnson and James A. Robinson, October 14, 2024. Photo: VNA
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"Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better. The laureates' research helps us understand why," the Nobel committee of the Royal Swedish Academy of Sciences said.
Acemoglu and Johnson work at the Massachusetts Institute of Technology and Robinson conducts his research at the University of Chicago.
The awarding marked the end of this year's Nobel season. Part of the prestigious annual Nobel Prize system, the Nobel Prize in Economics was not founded by the eminent scientist Alfred Nobel in 1896. It was established by the Central Bank of Sweden in 1968.