London CNN —Three economists were awarded the Nobel Prize Monday for their research into how the nature of institutions helps explain why some countries become rich and others remain poor. Daron Acemoglu, Simon Johnson and James Robinson will share the prize, which carries a cash award of 11 million Swedish kronor ($1 million). The authors warned that “the current path of AI is neither good for the economy nor for democracy.”The latest Nobel Prize in economics was announced in Stockholm on October 14, 2024. In “Why Nations Fail,” he and Robinson argued that China, because it lacks inclusive institutions, would not be able to sustain its economic growth. The economics prize is officially known as Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel.

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Persons: Daron Acemoglu, Simon Johnson, James Robinson, –, —, ”, Robinson, Acemoglu, Johnson –, MIT –, Christine Olsson, ” Acemoglu, Alfred Nobel, Claudia Goldin, Goldin Organizations: London CNN —, Massachusetts Institute of Technology, MIT, University of Chicago, TT, Agency, AP, Bank of Sweden, Economic Sciences, Harvard University Locations: Turkish, American, British, Nogales, Arizona, Mexico’s Sonora, Nogales , Arizona, Stockholm, China, Beijing, Bank, Swedish