Oct 14, 2024 03:25 PM IST Last year, Harvard University professor Claudia Goldin was awarded the 2023 Nobel Prize in Economics Daron Acemoglu, Simon Johnson and James A. Robinson have been awarded the 2024 Nobel Prize in Economics “for studies of how institutions are formed and affect prosperity.”“The laureates’ model for explaining the circumstances under which political institutions are formed and changed has three components. The first is a conflict over how resources are allocated and who holds decision-making power in a society (the elite or the masses),” the Nobel Prize said in a post on X. Daron Acemoglu, Simon Johnson and James A. Robinson have been awarded the 2024 Nobel Prize in Economics “The second is that the masses sometimes have the opportunity to exercise power by mobilising and threatening the ruling elite; power in a society is thus more than the power to make decisions. The third is the commitment problem, which means that the…
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