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Nobel economics prize goes to 3 economists who found that freer
societies are more likely to prosper.
All 3 are LEGAL and proper immigrants to USA.

from https://www.seattletimes.com/business/the-nobel-economics-prize-is-being-announced-in-sweden/

Nobel economics prize goes to 3 economists who found that freer
societies are more likely to prosper
Oct. 14, 2024 at 1:26 am Updated Oct. 14, 2024 at 7:20 am
In this combination image left to right; Economist Daron Acemoglu in
Athens Greece, Oct. 14, 2024, Economist Simon Johnson in Washington,
Oct. 14, 2024, and Economist James A. Robinson in Chicago, Oct. 14,
2024. (AP Photo)
Nobel prize winner in Economics, James A. Robinson makes a selfie for
the Nobel Foundation with his wife, Dr. Maria Angelica Bautista, and
their son Adrian at their home in the Hyde Park neighborhood of Chicago, Monday, Oct. 14, 2024. (AP Photo/Charles Rex Arbogast)

1 of 18 | In this combination image left to right; Economist Daron
Acemoglu in Athens Greece, Oct. 14, 2024, Economist Simon Johnson in Washington, Oct. 14, 2024, and Economist James A. Robinson in Chicago,
Oct. 14, 2024. (AP Photo)
By PAUL WISEMAN, MIKE CORDER and DANIEL NIEMANN
The Associated Press
STOCKHOLM (AP) — The Nobel memorial prize in economics was awarded
Monday to three economists who have studied why some countries are rich
and others poor and have documented that freer, open societies are more
likely to prosper.

The work by Daron Acemoglu, Simon Johnson and James A. Robinson
“demonstrated the importance of societal institutions for a country’s prosperity,” the Nobel committee of the Royal Swedish Academy of
Sciences said at the announcement in Stockholm.

Acemoglu and Johnson work at the Massachusetts Institute of Technology,
while Robinson does his research at the University of Chicago.

Jakob Svensson, chair of the Committee for the Prize in Economic
Sciences, said their analysis has provided “a much deeper understanding
of the root causes of why countries fail or succeed.”

Reached by the academy in Athens, Greece, where he was to speak at a conference, the Turkish-born Acemoglu, 57, said he was astonished by the
award.

“You never expect something like this,” he said.

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“I think broadly speaking the work that we have done favors democracy,”
he said in a telephone call with the Nobel committee and reporters in Stockholm.

But, he added: “Democracy is not a panacea. Introducing democracy is
very hard. When you introduce elections, that sometimes creates conflict.”

In an interview with The Associated Press, Robinson, 64, said he doubts
that China can sustain its economic prosperity as long as it keeps a
repressive political system.

“There’s many examples in world history of societies like that that do
well for 40, 50 years,” Robinson said by phone. “What you see is that’s never sustainable. … The Soviet Union did well for 50 or 60 years.”

Robinson said many societies have successfully made the transition to
what he, Acemoglu and Johnson call an “inclusive society.’’

“Look at the United States,” Robinson said. “This was a country of slavery, of privilege, where women were not allowed to take part in the
economy or vote.”

“Every country that is currently relatively inclusive and open made that transition,” he added. “In the modern world, you’ve seen that in South Korea, in Taiwan, in Mauritius.’’

Acemoglu and Robinson wrote the 2012 bestseller, “Why Nations Fail: The Origins of Power, Prosperity, and Poverty,” which argued that manmade problems were responsible for keeping countries poor.

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In their work, the winners looked, for instance, at the city of Nogales,
which straddles the U.S.-Mexico border.

Despite sharing the same geography, climate and a common culture, life
is very different on either side of the border. In Nogales, Arizona, to
the north, residents are relatively well-off and live long lives; most
children graduate from high school. To the south, in Mexico’s Nogales, Sonora, residents are much poorer, and organized crime and corruption
abound.

The difference, the economists found, is a U.S. system that protects
property rights and gives citizens a say in their government.

Acemoglu expressed worry Monday that democratic institutions in the
United States and Europe were losing support from the population.

“Support for democracy is at an all-time low, especially in the U.S.,
but also in Greece and in the UK and France,“ Acemoglu said on the
sidelines of the conference in an Athens suburb.

“And I think that is a symbol of how people are disappointed with democracy,” he said. “They think democracy hasn’t delivered what it promised.”

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