The Nobel Committee has awarded the 2024 Economic Sciences Prize to Daron Acemoglu, Simon Johnson, and James Robinson. Their work has focused on the quality of institutions and the state of the rule of law in guaranteeing free and prosperous societies. The Award is well-deserved. Acemoglu’s and Robinson’s ‘Why Nations Fail’ is a seminal work in contemporary studies of why some countries and some communities in richer countries remain mired in poverty.
