US trio win Nobel economics prize for research on wealth gap

STOCKHOLM – Three US-based academics won the 2024 Nobel economics prize on Oct 14 for research that explored the aftermath of colonisation to understand why global inequality persists today, especially in countries dogged by corruption and dictatorship.

- REUTERS

The prestigious award, formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is the final prize given out in 2024 and went to professors Daron Acemoglu, Simon Johnson and James Robinson. The award is worth 11 million Swedish kronor (S$1.38 million).

“Reducing the vast differences in income between countries is one of our time's greatest challenges. The laureates have demonstrated the importance of societal institutions for achieving this,” said Mr Jakob Svensson, chairman of the Committee for the Prize in Economic Sciences.