University of York alumnus Daron Acemoglu has been jointly awarded the Nobel Prize for Economic Sciences.
Acemoglu who gained his undergraduate degree at the University of York in 1989, was awarded the prestigious prize alongside Simon Johnson and James A. Robinson.
Their award-winning research demonstrated the importance of societal institutions for a country’s prosperity and why there are such vast differences in income between nations.
Their research shows that the rules and structures that govern a society are at least as important as geography or culture in determining a nation’s wealth.
Acemoglu said: “I am deeply honoured by this prize. It’s been a long journey and I always emphasise that it started at York, where I learned so much of the economics I’ve used throughout my career and, even more importantly, I learned to value and love academic research.”
Following his undergraduate degree, Acemoglu gained a PhD at the London School of Economics and Political Science.
Acemoglu is now a Professor at Massachusetts Institute of Technology, Cambridge, USA.
Simon Johnson is also based at Massachusetts Institute of Technology, while James A. Robinson is currently at the University of Chicago.
Charlie Jeffrey, Vice Chancellor of the University, said: “We are immeasurably proud of the distinguished career Professor Daron Acemoglu has gone on to build, and this recognition of his work, which has reshaped thinking on prosperity and equality, with the most prestigious of accolades – a Nobel Prize.
“Led by academics at the forefront of world-leading research, our undergraduate degrees are designed to tackle issues that matter on a local and global scale, equipping graduates with the skills to change society for the better.”
Professor Michael Thornton, Head of Economics and Related Studies at the University of York, said: “Economics has been at the heart of York’s research and teaching since the University’s foundation in 1963, and we are proud of our notable alumni, including Professor Daron Acemoglu.
“His work reflects our department’s longstanding commitment to internationally-focused and practical economics which has a positive impact on society and tackles some of the world’s biggest challenges.
“I can think of no better inspiration to our diverse student community today.”