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The 2024 Nobel Prize in Economics was awarded to Daron Acemoglu, Simon Johnson, and James Robinson for their research on how institutions influence nations’ wealth disparities. Their work highlights how “inclusive” institutions, which uphold the rule of law and property rights, foster prosperity, while “extractive” institutions, exploiting the population, hinder growth. Their 2012 book Why Nations Fail argues that differences in countries’ prosperity stem from their institutions rather than geography or culture. In Power and Progress, Acemoglu and Johnson explore how technological advances often favor elites over the broader population, warning about AI’s potential negative impact on democracy and equality.
