The Norwegian Nobel Committee will announce the 2024 Nobel Prize in Economics on Monday, with potential candidates focusing on credit, government roles, and wealth inequality. The winner may follow last year’s Claudia Goldin, the third woman ever to receive the prize. Leading contenders include Daron Acemoglu, Nobuhiro Kiyotaki, and others who explore economic cycles, inequality, and institutional development, despite skepticism surrounding the prize’s legitimacy. The announcement concludes this year’s Nobel celebrations, which honored various fields of science and social impact.
On Monday, the Norwegian Nobel Committee will unveil the recipient of the 2024 Nobel Prize in Economics. Anticipation swirls around candidates who have meticulously dissected the mechanisms of credit, the government’s influence in economics, and the stark realities of wealth disparity. The announcement of the winner, who may very well follow in the footsteps of last year’s laureate, Claudia Goldin, is set for 11:45 AM local time. Goldin was celebrated for her profound insights into women’s roles in the labor market, a rare acknowledgment in a realm predominantly dominated by men, with only three female laureates among 93 since the prize’s inception in 1969. In the wake of this poignant victory, experts are hypothesizing about potential winners for 2024. Uppsala University’s Mikael Carlsson believes the recent focus on diversity in research mirrors changing societal values but stresses that Nobel winners are judged by scientific merit. Likely candidates include Nobuhiro Kiyotaki and John H. Moore, who explored how minor disruptions impact economic cycles, alongside Susan Athey, recognized for her innovative market design concepts. Predicting a Nobel winner invites contemplation and speculation. Magnus Henrekson of the Research Institute urges observers to consider the committee’s research interests, although he finds it unlikely they’ll award another prize in development economics so close to Goldin’s recognition of this field. Figures such as Philippe Aghion, George Loewenstein, and Daron Acemoglu, known for his pivotal work, “Why Nations Fail,” linger on the short list of favorites. Acemoglu is particularly a strong contender, potentially sharing the spotlight with Andrei Shleifer. The contest to forecast the next laureate remains as complex and winding as economic theories themselves. Still, analysts from Statista point toward Acemoglu for his extensive contributions to our understanding of institutional development as key to economic prosperity. Macro-economists like Olivier Blanchard and Larry Summers also merit consideration, along with heavyweight scholars tackling wealth inequality like Thomas Piketty. Janet Currie, an authority on anti-poverty measures, and Partha Dasgupta, who integrates ecological considerations into economic discussions, have also been spotlighted as potential winners. Although the Nobel Prize in Economics occasionally faces skepticism due to its later establishment—funded by Sweden’s central bank in 1968—it follows a rigorous selection process akin to its predecessors. This year’s Economics Prize will conclude the Nobel season, which has already celebrated advancements in physics, chemistry, peace, literature, and medicine. On December 10, the winners will be honored in ceremonies that echo the name of Alfred Nobel, the enigmatic scientist whose legacy casts a long shadow over aspirations in academia and beyond.
The Nobel Prize in Economics, though established in 1968 through a donation from the Swedish central bank, is awarded by the Royal Swedish Academy of Sciences. It stands apart from the original prizes outlined in Alfred Nobel’s will, leading some to label it “a false Nobel.” However, it maintains a prestigious standing within the global scientific community. As the economics landscape continues to evolve, the prize reflects emergent themes, such as women’s impact on labor markets, wealth inequality, and innovative market structures. The competition for the prize is intense, with a focus not only on theoretical contributions but also on pragmatic research that addresses current economic challenges.
This year’s Nobel Prize in Economics is poised to crown a deserving laureate amid a rich tapestry of candidates. Each nominee brings unique insights into pressing economic themes that resonate within today’s society. With the award’s announcement rounding off the Nobel season, the spotlight will not only shed light on individual achievements but will also illuminate the evolving narrative of economics as a field dedicated to understanding and addressing societal challenges.
Original Source: www.ndtv.com
