International Desk: Three economists have won the Nobel Prize in Economics this year. They are Daron Acemoglu, Simon Johnson and James A. Robinson. They were awarded the prestigious prize for their research on how social institutions are structured and how they affect prosperity.

Nobel

The Royal Swedish Academy of Sciences announced the name of this year's Nobel laureate in economics from Stockholm, Sweden on Monday (October 14) at 3:45 pm Bangladesh time.

The Nobel committee said the research of these three economists has helped explain the differences in prosperity between nations. They highlight the importance of institutions, which are very important for any country. They have proven that weak laws and institutions that exploit the population cannot create development or change. Their research helps us understand why such situations occur.

Daron Acemogul was born in 1967 in Istanbul, Turkey. He received his PhD from the London School of Economics in 1992 and is currently working as a professor at the Massachusetts Institute of Technology (MIT).

Simon Johnson was born in 1963 in Sheffield, UK. He received his PhD from the Massachusetts Institute of Technology in 1989 and is currently teaching there.

British citizen James A. Robertson was born in 1960. He received his PhD from Yale University in 1993. Currently working as a professor at the University of Chicago.

There is some debate as to whether or not the Nobel Prize is awarded in economics. It is officially known as the 'Bank of Sweden Prize in Social Science'. This award is related to the Nobel Prize and carries similar status. Yet it is not part of Alfred Nobel's original five prizes, which he introduced in 1901. The award was originally introduced by the Central Bank of Sweden in 1968 to mark their 300th anniversary. But because it was announced at the same time as the other prize, it became known as the Nobel Prize in Economics.

The Nobel laureates are announced every year on the first Monday of October. This year, the names of the Nobel Prize winners have been announced on October 7 in medicine, October 8 in physics, October 9 in chemistry, October 10 in literature and the most interesting prize on October 11. The announcement of this year's Nobel Prize ended with the announcement of the winner of the economics prize on October 14.

American economist Claudia Goldin won the Nobel Prize in Economics last year. She received the award for her contribution to increasing knowledge about women's labor market outcomes.

The previous year, i.e. in 2022, three Americans won the Nobel Prize in Economics. They are Ben S. Bernanke, Douglas W. Diamond, Philip H. Dybvig. The award was given to them for their research on banking and economic crisis.

If anything happens to me, deliver it to my mother

In 2021, the Nobel Prize in Economics was also awarded to three people - David Card, Joshua D'Angrist and Guido W. Imbens. David Card for important contributions to labor economics and the other two economists for methodological contributions to causal analysis.