The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel

For Angus Deaton – awarded the Prize in Economic Sciences 2015 – fly fishing has helped him think in new and creative ways

© Nobel Media. Photo: Alexander Mahmoud

About the prize

In 1968, Sveriges Riksbank (Sweden’s central bank) established the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. The prize is based on a donation received by the Nobel Foundation in 1968 from Sveriges Riksbank on the occasion of the bank’s 300th anniversary. The prize amount is the same as for the Nobel Prizes and is paid by the Riksbank. The first prize in economic sciences was awarded to Ragnar Frisch and Jan Tinbergen in 1969.

The prize in economic sciences is awarded by the Royal Swedish Academy of Sciences, Stockholm, Sweden, according to the same principles as for the Nobel Prizes that have been awarded since 1901.

See all economic sciences laureates or learn about the nomination process.

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2024

They provided an explanation for why some countries are rich and others poor

This year’s laureates have provided new insights into why there are such vast differences in prosperity between nations. One important explanation is persistent differences in societal institutions. By examining the various political and economic systems introduced by European colonisers, Daron Acemoglu, Simon Johnson and James Robinson have been able to demonstrate a relationship between institutions and prosperity. They have also developed theoretical tools that can explain why differences in institutions persist and how institutions can change.

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© Johan Jarnestad/The Royal Swedish Academy of Sciences

The 2024 economic sciences laureates

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2024 is awarded to Daron Acemoglu, Simon Johnson and James A. Robinson “for studies of how institutions are formed and affect prosperity.”

The laureates have contributed innovative research about what affects countries’ economic prosperity in the long run. Their insights regarding how institutions influence prosperity show that work to support democracy and inclusive institutions is an important way forward in the promotion of economic development.

Daron Acemoglu, Simon Johnson and James A. Robinson

Daron Acemoglu, Simon Johnson and James A. Robinson.

Ill. Niklas Elmehed © Nobel Prize Outreach

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The Nobel Prize medal.

The Nobel Prize medal.

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Nobel Prizes and laureates

Laureate in economic sciences Bengt Holmström likes the Chinese board game GO, which begins with simple rules but gets difficult as one progresses.

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All prizes in economic sciences

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How the pull of individuals can move a whole system

Angus Deaton employed theory, data collection and statistics together to see how consumption, poverty, and welfare are related. His conclusion? We need to understand individual consumption choices before we can design economic policy that promotes welfare and reduces poverty.

Angus Deaton visiting the Vasa Museum during the Nobel week in Stockholm.

Angus Deaton visiting the Vasa Museum in Stockholm during Nobel Week.

© Nobel Media. Photo: Pi Frisk

On mathematics, the prize and ‘A Beautiful Mind’

Watch this interview with Dr. John Nash, who received the Prize in Economic Sciences in 1994. He talks about the impact the prize has had on his life, his talent for mathematics as a child and about the movie about his life, ‘A Beautiful Mind’.

John F. Nash Jr.

John F. Nash Jr., awarded the 1994 Prize in Economic Sciences.

Photo: Nobel Foundation archive

Contracts: a glue for modern economies

Read how ‘innumerable contracts’ hold modern economies together. The recipients of the 2016 Prize in Economic Sciences created theoretical tools for understanding real-life contracts and institutions, as well as potential pitfalls in contract design.

Bengt Holmström and Oliver Hart autograph a chair

Oliver Hart (left) and Bengt Holmström autograph a chair at the Nobel Museum.

Photo: Jonas Ekströmer/TT