Who won Nobel Prize in Economics 2024? Check All the Details Here!

The Nobel Prize in Economic Sciences not only acknowledges individual excellence but also sheds light on critical issues shaping the global economy. By rewarding significant contributions, the prize emphasizes the importance of economics in shaping policies, driving development, and tackling challenges that impact societies worldwide.

The Nobel Memorial Prize in Economic Sciences, officially known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is a prestigious award recognizing outstanding contributions to the field of economics. Established in 1968 by Sweden's central bank, Sveriges Riksbank, the prize commemorates the bank's 300th anniversary and is awarded annually by the Royal Swedish Academy of Sciences.

Historical Context

• First Award: The inaugural prize was awarded in 1969 to Ragnar Frisch and Jan Tinbergen for their work on dynamic models for economic analysis.
• Award Ceremony: The prize is presented each year on December 10, the anniversary of Alfred Nobel's death.

Prize Components

Each laureate receives:

• A diploma
• A gold medal
• A monetary award, which was 11 million SEK in 2023

Selection Process

The selection process involves:

1. Nominations from thousands of scientists and academicians worldwide.
2. Review by a committee of experts.
3. Voting by members of the Royal Swedish Academy of Sciences.

2024 Laureates

The Nobel Memorial Prize in Economic Sciences was awarded on October 14, 2024, to Daron Acemoglu, Simon Johnson, and James A. Robinson. Their works focused on political economy studies in which they emphasized political factors affecting economic development, inclusive of all classes for sustainable economic development.

Previous Winners

 Claudia Goldin for research on women's outcomes in the labour market.

2022: Ben S. Bernanke, Douglas W. Diamond, and Philip H. Dybvig: for work on banks and the price of money 

2021: David Card: for empirical contributions in labour economics Joshua D. Angrist and Guido W. Imbens: for methodological contributions in causal analysis Interesting Facts Female Awardees: There have been only three female laureates to date, including Elinor Ostrom in 2009, Esther Duflo in 2019, and Claudia Goldin in 2023.

Institutional Affiliation: The University of Chicago has the most laureates with 16 affiliated winners as of 2023.

Importance of the Prize

The Nobel Memorial Prize in Economic Sciences is one prize that brings to the forefront important work in economics theory and practice. It fosters scientific work toward informing good policy decisions and a deeper understanding of economic phenomena.

Therefore, in all, this award not only recognizes individual efforts but also reflects broader trends and challenges within the global economy, making it a very important aspect of today's economic discourse.

The Nobel Prize in Economic Sciences not only acknowledges individual excellence but also sheds light on critical issues shaping the global economy. By rewarding significant contributions, the prize emphasizes the importance of economics in shaping policies, driving development, and tackling challenges that impact societies worldwide.