Professor James A. Robinson from the University of Chicago has been awarded the 2024 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. The Royal Swedish Academy of Sciences recognized Robinson, who holds positions as the Reverend Dr. Richard L. Pearson Professor of Global Conflict Studies and University Professor at the Harris School of Public Policy and the Department of Political Science, for his research on "how institutions are formed and affect prosperity." He shares this year's prize with Professors Daron Acemoglu and Simon Johnson from MIT.
The work by Robinson, Acemoglu, and Johnson seeks to explore a long-standing question: Why do some countries remain poor while others prosper? And why do these inequalities continue?
"James Robinson’s scholarship lays bare how much inclusive institutions matter to prosperity in a society," stated UChicago President Paul Alivisatos. "His work is in a deep tradition of University of Chicago scholarship that helps us to see the world anew and to shape it to the betterment of humankind."
Robinson was unaware of his win initially, as he was asleep with his phone off when contacted by the Nobel committee early on October 14th. His wife Maria Angélica Bautista received a text from a friend which prompted her to wake him up.
“It’s a little bit emotional. I’m super happy obviously, but very proud and honored,” Robinson expressed. “It hasn’t quite sunk in yet.”
During a news conference at UChicago later that day, Robinson was described as "a true intellectual," whose research has significantly impacted various fields. As an economist and political scientist, he has examined how political power and institutions relate to prosperity. He directs UChicago's Pearson Institute for the Study and Resolution of Global Conflicts and conducts fieldwork globally.
"It's hard to think of a major question in politics or policy for which Jim's work is not kind of the first stopping point for anybody seeking a deeper understanding or answer," said Professor Ethan Bueno de Mesquita, dean of the Harris School of Public Policy.
Today’s richest nations are about 30 times wealthier than their poorest counterparts—a disparity scholars have long sought to understand.
“Economists understand what generates prosperity,” Robinson noted in 2019 on the Big Brains podcast, adding that his interest lies more with poorer countries unable to capitalize on economic opportunities outlined in textbooks.
Traditionally attributed factors like geography or culture have been challenged by Robinson, Acemoglu, and Johnson who argue that economic and political institutions are key drivers behind income disparities between nations.
Their research delves into history—particularly European colonization starting around the 16th century—to analyze how new governing institutions shaped opportunities such as education access or land ownership across regions.
“We were able to use a lot of techniques from labor economics...and import them into studying these issues,” said Robinson regarding their methodological approach.
Robinson co-authored Why Nations Fail: The Origins of Power, Prosperity, and Poverty (2012) with Acemoglu—a book translated into 49 languages since its release—which argues that inclusive incentives lead nations toward success.
While hopeful his decades-long research will aid efforts against global inequality; he acknowledges economists lack definitive solutions: “I think maybe ideas are important...giving people ways [to] think about problems."
Despite admitting it might be naive expecting no change post-Nobel win—describing it as "rather surreal"—he plans continued collaboration alongside fellow laureates working together over three decades now: “We’re still good friends...I just hope we can carry on doing [what] we like."
Including him now among eight current faculty members holding economics Nobels at UChicago alongside Douglas Diamond (2022), Michael Kremer (2019), Richard Thaler (2017), Eugene Fama & Lars Hansen (2013), Roger Myerson (2007), James Heckman (2000).