According to PANews, the Nobel Prize officially announced that the 2024 Swedish Central Bank Prize in Economics in Memory of Alfred Nobel was awarded to Daron Acemoglu, Simon Johnson and James A. Robinson in recognition of their "research on how institutions are formed and affect prosperity." The three winners' research explains why the richest 20% of the world's countries are now 30 times richer than the poorest 20%, and this income gap persists. Although poor countries have developed, they have failed to narrow the gap with rich countries.
Their research shows that inclusive institutions, reduced resource plunder and the introduction of the rule of law can lead to long-term prosperity. However, why don't the elites simply replace the existing economic system? The winners used a model to explain the three major factors in the formation and change of political institutions: first, the conflict between resource allocation and decision-making power; second, the public puts pressure on the elites through mobilization in certain circumstances; and finally, the "commitment problem", that is, the elites have to hand over decision-making power to the masses.