(AP/Newsis) Three American economists jointly won the Nobel Prize in Economics on the 14th. From the left, MIT Professor Darren Azemoglu, MIT Professor Simon Johnson, and University of Chicago Professor Jameson Robinson *Resale and DB prohibited.
(Seoul = Newsis) Reporter Nam Joo-hyeon = Professors Darren Azemoglu, Simon Johnson, and James Robinson, who were selected as winners of this year’s Nobel Prize in Economics, are considered people who have advanced research on differences in wealth between countries.
On the 14th, the Swedish Academy of Sciences announced that three people, including Professor Darren Azemoglu of MIT (Massachusetts Institute of Technology), Professor Simon Johnson of MIT, and Professor James Robinson of the University of Chicago, were selected as economics prize winners.
The Royal Swedish Academy of Sciences announced, “We have decided to award them the Nobel Prize in Economics in recognition of their contributions to research on how institutions are formed and affect prosperity.”
The Nobel Committee said they “showed why societies with a weak rule of law and systems that exploit their people do not generate growth or change for the better.”
Professor Azemoglu is an Institute Professor, the highest professorship at MIT, and has researched the historical origins of prosperity and poverty and the impact of new technologies on economic growth, employment, and inequality.
In 2005, he received the John Bates Clark Medal, awarded to the economist under 40 who has made the most important contribution to economic theory and knowledge, and in 2016, he received the BBVA Knowledge Frontier Award.
Professor Jones is a former chief economist at the IMF and a professor at the MIT Sloan School of Management, where he has studied the global economic crisis and recovery.
Professor Robinson served as a professor of political science at Harvard University and a professor of political science at the Harris School of Public Policy at the University of Chicago. I mainly study comparative politics, including the political and economic systems of Latin American and African countries.
‘Why Nations Fail’, co-authored by Professors Ajemoglu and Robinson in 2012 and explaining why some countries are rich and others poor, is well known in Korea.
In their writings, they mentioned the decisive difference between failed and successful countries, citing North Korea and South Korea as examples, and mentioned institutions rather than geographical, historical, or racial conditions as the factors for success or failure.
It was analyzed that while South Korea introduced an inclusive economic system, which led to vigorous economic activity and economic reflection, North Korea introduced an exploitative economic system for the benefit of individuals and groups.
‘Power and Progress’, co-written by Adjemoglu and Professor Johnson, is also well known. They considered whether the Industrial Revolution and AI would bring greater happiness to humanity, and pointed out that the productivity of AI was overstated.
In particular, it refuted existing research that AI would replace 30-70% of American jobs, predicting that only 5% of jobs would be replaced.
Also, contrary to previous predictions, it is not expected that ChatGPT will replace humans in the near future, and it is highly likely that the AI bubble will burst in the near future.
The Nobel Prize in Economics has been awarded by the Bank of Sweden with support from the Nobel Foundation since 1968. The winners share a prize of 1.35 billion won.
Last year, Claudia Goldin, an economics professor at Harvard University, received the award for her research on the gender wage gap.
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