Nobel Laureate’s Work Inspires Future Generations of Economists

Nobel Prize Winners’ Research in Economic Sciences Highlights the Role of Institutions in National Prosperity

The University of York, established in 1963 and recognized for its high-quality teaching and research, celebrated its alumnus Daron Acemoglu's win of the Nobel Prize in Economic Sciences. He shared this prestigious honor with Simon Johnson and James A. Robinson. The groundbreaking research, which provided us with a deeper understanding of why some nations flourish while others face challenges, emphasized on the important role of societal institutions in the prosperity of any country.

The research highlighted why there are significant income disparities between nations, concluding that inclusive institutions in some nations, uphold the rule of law and safeguard property rights allowing fostering of economic growth and decreasing income inequalities. While in other, extractive institutions take advantage of the population and concentrate power in a few's hands that slows development and keeps its citizens in poverty. Their work highlights that countries with weak rules of law and institutions that exploit people struggle to grow and improve. The study of this dynamics is helping us understand what policies and steps can be taken to accelerate the development of nations better.

Daron Acemoglu was born in 1967 in Istanbul, Turkiye and earned his undergraduate degree in Economics at the University of York in 1989 before completing a PhD at the London School of Economics. He is now a professor at the Massachusetts Institute of Technology (MIT) in Cambridge, USA. Simon Johnson also teaches at MIT, while James A. Robinson is into the profession  at the University of Chicago. Professor Charlie Jeffery, the Vice Chancellor of the University of York, expressed immense pride in the university's achievements, stating that their undergraduate degrees, shaped by leading academics, focus on tackling significant local and global issues. He emphasized that these programs equip graduates with the skills to improve society and mentioned how incredibly proud the university is of Professor Acemoglu.

Professor Michael Thornton, the Head of Economics and Related Studies at the University of York remarked that economics has been central to the university's research and teaching since its founding in 1963.  Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences, stated that the work of Professor Acemoglu reflects the department's longstanding commitment to practical and internationally-focused economics. This kind of research not only positively impacts society but also addresses some of the world's pressing challenges.

He and his co-authors have demonstrated that, contrary to the belief that a nation’s wealth depends solely on unchangeable factors like geography or culture, chance events significantly influence the institutions a society develops, leading to long-lasting economic consequences. The research work conducted by Professor Acemoglu will inspire many students at the university. Svensson also pointed out that reducing the significant income disparities between countries is one of the greatest challenges of this time. He praised the laureates for highlighting the critical role of societal institutions in achieving this goal.

Editor's Note:

The University of York is thrilled to celebrate the remarkable achievements of  Daron Acemoglu, who has been awarded the Nobel Prize in Economic Sciences. This prestigious honor highlights his groundbreaking research on the role of institutions in economic prosperity and reflects the University of York's commitment to high-quality teaching and impactful scholarship. This research highlighted the importance of societal institutions in the prosperity of any country and also underscored the factors that drive development and inequality across the nations.

Skoobuzz congratulates Professor Acemoglu and his colleagues on this remarkable achievement, which serves as an inspiration for countless students. Their groundbreaking work not only advances the field of economics but also highlights the importance of understanding the societal institutions that shape our world.