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US academics win 2024 Nobel Prize in Economics for research on global inequality

rnz.co.nz — October 14, 2024, 08:00 PM UTC

Summary: Three US-based academics have won the 2024 Nobel Prize in Economics for their research on the effects of colonization on global inequality. Their work highlights how weak institutions in low-income countries contribute to ongoing poverty.

The laureates, Daron Acemoglu, Simon Johnson, and James Robinson, examined how European colonization shaped economic outcomes. They found that countries with strong institutions tend to prosper, while those focused on resource extraction often face long-term challenges.

This award comes amid a World Bank report indicating that the world's poorest countries are experiencing record debt levels. The Nobel Prize is worth 11 million Swedish crowns, or about NZ$1.73 million.

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