Who won the SVERIGES RIKSBANK PRIZE in ECONOMIC Sciences in memory of Alfred Nobel 2024 for studies of how institutions are formed and affect prosperity?
Show Hint
- Daron Acemoglu, Simon Johnson & James A. Robinson
- Claudia Goldin
- Ben Bernanke, Douglas Diamond & Phillip Dybvig
- Paul R Milgrom & Robert B Wilson
- David Card, Joshua D Angrist & Guido W. Imbens
The Correct Option is A
Approach Solution - 1
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2024 was awarded to Daron Acemoglu, Simon Johnson, and James A. Robinson for their studies on how institutions are formed and affect prosperity. This prestigious award, commonly referred to as the Nobel Prize in Economics, recognizes contributions that have significantly advanced our understanding of economic sciences.
Let's break down the options provided to justify why Daron Acemoglu, Simon Johnson, and James A. Robinson are the correct answer and why the other options are incorrect:
- Daron Acemoglu, Simon Johnson & James A. Robinson: These economists are known for their influential work on the role of political and economic institutions in shaping economic outcomes and prosperity. They are authors of the groundbreaking book "Why Nations Fail," which explores how different institutions affect economic development, making this choice the correct answer for the 2024 award.
- Claudia Goldin: Claudia Goldin was awarded the Nobel Prize in Economics in 2023 for her work on the labor market and gender differences. As she received the prize the previous year, she is not the correct answer for 2024.
- Ben Bernanke, Douglas Diamond & Phillip Dybvig: These economists were awarded the Nobel Prize in 2022 for their contributions to the understanding of banks and financial crises. Therefore, they didn't receive the prize in 2024.
- Paul R Milgrom & Robert B Wilson: Awarded the Nobel Prize in Economics in 2020 for their work on auction theory and new auction formats, they are not related to the 2024 award.
- David Card, Joshua D Angrist & Guido W. Imbens: Awarded the Nobel Prize in 2021 for their methodological contributions to the analysis of causal relationships, they are not the laureates for 2024.
Knowing the recent winners and their contributions helps in correctly identifying the 2024 laureates, Daron Acemoglu, Simon Johnson, and James A. Robinson, as the winners for their research on how institutions are formed and affect prosperity.
Approach Solution -2
The question asks who won the 2024 Nobel Prize in Economic Sciences for studies on how institutions are formed and affect prosperity.
Step 2: Examine each option.
- Option A: Correct. Daron Acemoglu, Simon Johnson, and James A. Robinson are recognized for their work on the role of institutions in economic growth and prosperity. - Option B: Claudia Goldin won the prize in 2022 for gender economics, not in 2024. - Option C: Ben Bernanke, Douglas Diamond, and Phillip Dybvig won the Nobel in 2022 for their work on financial institutions. - Option D: Paul Milgrom and Robert Wilson won the Nobel in 2020 for auction theory, not related to institutions. - Option E: David Card, Joshua Angrist, and Guido Imbens received the 2021 prize for their contributions to labor economics and causal inference.
Step 3: Conclude.
The correct answer is Daron Acemoglu, Simon Johnson & James A. Robinson.
Final Answer: \[ \boxed{\text{A}} \]
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