Many Ambiguities In The Nobel Prize In Economics

The 2024 Nobel Economics Prize recipients are American James A. Robinson of the University of Chicago, Englishman Simon Johnson, also from MIT, and Turkish economist Daron Acemoglu, who teaches at the Massachusetts Institute of Technology (MIT). It is not surprising that all three laureates are from the United States.

American economists, particularly those at MIT and the University of Chicago, the strongholds of contemporary conservative and neo-liberal economics, are typically awarded the Nobel Prize in Economics. The history of the Nobel Committee’s recognition of Acemoglu and Robinson’s work is complicated.

In the sake of empirical evidence, it attempts to combine issues of economic history with econometric—mathematical economics—modeling techniques. Interestingly, the Economics Nobel’s work is limited to the contemporary colonial era and focuses on the Europeans’ colonialism experience.

It is said that the temperate climates in places like the United States, Canada, Australia, and New Zealand allowed Europeans to settle and increased economic prosperity. When the unfavourable climate prevented European immigrants from settling in significant numbers, they established exploitative circumstances in order to take as much money as possible from the nations they conquered.