Nobel Prize in Economics for a better understanding of wealth inequality
Why do nations have different levels of prosperity? Researchers working on this question will receive the Alfred Nobel Memorial Prize.
Daron Acemoglu, Simon Johnson und James A. Robinson
(Image: Niklas Elmehed / Nobel Prize Outreach)
This year's Alfred Nobel Memorial Prize in Economic Sciences goes to Daron Acemoglu and Simon Johnson from the Massachusetts Institute of Technology and James A. Robinson from the University of Chicago in equal shares. This was announced by the Royal Swedish Academy of Sciences on Monday in Stockholm.
The scientists received the award, commonly known as the Nobel Prize in Economics, for their findings on the difference in prosperity between nations. For example, they have shown why societies with inadequate rule of law and institutions that exploit the population do not grow economically – primarily as a result of colonization by Europeans.
When they colonized large parts of the world, the institutions in the colonized societies changed – sometimes dramatically, but not everywhere equally, the academy explains. In some places, the aim was to exploit the indigenous population and extract resources for the benefit of the colonizers. In others, the colonizers implemented inclusive political and economic systems.
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According to the Academy, the award winners have shown that social institutions are one explanation for the differences in prosperity between countries that were introduced during colonization. Inclusive institutions were often introduced in countries that were poor when they were colonized, which over time led to a generally prosperous population. This is an important reason why former colonies that were once rich are now poor and vice versa.
Research into the gender gap
Last year, the prize was awarded to the US economics professor Claudia Goldin. She was honored for the first comprehensive report on women's income and labor force participation over the centuries. Her research reveals the causes of change and the main sources of the remaining gender gap.
The Nobel Prize in Economic Sciences is the only one of the Nobel Prizes that does not go back to the will of dynamite inventor and prize donor Alfred Nobel (1833-1896). It has been endowed by the Swedish Riksbank since the end of the 1960s and is therefore not, strictly speaking, one of the classic Nobel Prizes. Nevertheless, like the other Nobel Prizes, it is presented at a ceremony on the anniversary of Nobel's death, December 10, and is endowed with the equivalent of 970,000 euros.
(anw)
