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University of York alumnus wins the Nobel Prize for Economics

Posted on 15 October 2024

University of York alumnus Daron Acemoglu has been jointly awarded the Nobel Prize for Economic Sciences.

Image credit: Niklas Elmehed © Nobel Prize Outreach

He was awarded the prestigious prize along with Simon Johnson and James A. Robinson for their research demonstrating the importance of societal institutions for a country’s prosperity, and why there are such vast differences in income between nations. 

Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better and their research helps us understand why.

Undergraduate degree

Daron Acemoglu gained his undergraduate degree in Economics at the University of York in 1989 before doing a PhD at the London School of Economics and Political Science. 

Born in 1967 in Istanbul, Türkiye, he is now Professor at Massachusetts Institute of Technology, Cambridge, USA.

Simon Johnson is also based at Massachusetts Institute of Technology, while James A. Robinson is currently at the University of Chicago.

Daron Acemoglu said: "I am deeply honored by this prize. It's been a long journey, and I always emphasize that it started at York, where I learned so much of the economics I've used throughout my career, and, even more importantly, I learned to value and love academic research."

Immeasurably proud

Professor Charlie Jeffery, Vice Chancellor of the University of York, said: “Led by academics at the forefront of world-leading research, our undergraduate degrees are designed to tackle the issues that matter on a local and global scale, equipping graduates with the skills to change society for the better. 

“We are immeasurably proud of the distinguished career Professor Daron Acemoglu has gone on to build, and this recognition of his work, which has reshaped thinking on prosperity and equality, with the most prestigious of accolades –  a Nobel Prize.”

Chance events

Professor Michael Thornton, Head of  Economics and Related Studies at the University of York, said :"Economics has been at the heart of York's research and teaching since the University's foundation in 1963, and we are proud of our notable alumni, including Professor Daron Acemoğlu. 

“At a time when it was commonly thought that the wealth of nations depended on unchangeable differences in geography or culture, Professor Acemoğlu and his coauthors have shown that chance events often determine which institutions a society creates, and these chance events can then have long-lasting economic consequences.

No better inspiration

“His work reflects our department's longstanding commitment to internationally-focussed and practical economics which has a positive impact on society and tackles some of the world's biggest challenges.  I can think of no better inspiration to our diverse student community today."  

Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences, said: “Reducing the vast differences in income between countries is one of our time’s greatest challenges. The laureates have demonstrated the importance of societal institutions for achieving this.”

To find out more about this year’s award, please visit: The Prize in Economic Sciences 2024 

 

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