The Nobel Prize in Economics was awarded to Turkish-American citizen Daron Acemoğlu, Simon Johnson, and James A. Robinson for their groundbreaking research on the formation of institutions and their impact on societal welfare. The Royal Swedish Academy of Sciences praised their work, highlighting how weak legal frameworks and exploitative institutions hinder economic growth and development. Jakob Svensson, Chairman of the Economic Sciences Prize Committee, emphasized the importance of reducing global income disparities and how the laureates’ work provides key insights into why some countries succeed while others fail. Acemoğlu called the recognition a great honor and explained that their research examined how colonial legacies shape modern institutions and economic outcomes.