U.S.-based economists Daron Acemoglu, Simon Johnson, and James Robinson were awarded the 2024 Nobel Prize in Economic Sciences for their research on wealth inequality. Their work focuses on how poor governance and exploitative institutions hinder a country’s economic development. Acemoglu and Robinson co-authored the book Why Nations Fail, exploring the origins of global inequality. The laureates’ research highlights the impact of colonialism on wealth disparities between nations.