Congratulations to the three laureates Daron Acemoglu, Simon Johnson, and James Robinson, who have been awarded by the Nobel Prize in Economics for their groundbreaking research on the critical role of societal institutions in shaping a country’s prosperity. Their work reveals how inclusive institutions foster sustainable growth, while extractive ones can trap countries in poverty. Our experts in economics and geopolitics comment the news.
“In a world where global democracy scores have declined for over a decade and armed conflicts surged over this period, their work could hardly be more timely & topical!" says Dominic Rohner, Professor in the Department of Economics at HEC Lausanne.
His colleague Mathias Thoenig at HEC Lausanne comments the news: “ This prize has been anticipated for a long time. Indeed, the three laureates have profoundly renewed the analysis of core questions that have been central to political economy for the past three centuries: why are some nations so much poorer than others? The answers are crucial: In 2024, hundreds of millions of people worldwide still live in extreme poverty; and the average household in the least developed nations earns less than one percent of the income of the average Swiss household.”
“To explain such stark disparities, the laureates' work has emphasized the role of economic and political institutions and the legacy of Western colonization. Their data-driven approach is truly multidisciplinary, drawing on methods from economic history, political science, game theory, and causal analysis in statistics. Their findings have transformed our understanding of the long-term evolution of human societies and have influenced the macro-development policies of international organizations.”
Mathias Thoenig concludes : “The ethos of our Bachelor and Master programs at HEC Lausanne is well aligned with their work: using data and quantitative methods, without compromising on scientific excellence, to tackle the most pressing societal challenges. »