The 2024 Nobel Prize in Economic Sciences was awarded to Daron Acemoglu, Simon Johnson, and James A. Robinson for their profound research on “how institutions are formed and affect prosperity.”The Importance of Institutions and Economic ProsperityThe research by these three economists emphasizes the crucial role that social institutions play in national prosperity. They point out that the lack of rule of law and exploitative institutions can severely hinder economic growth. This perspective provides important theoretical underpinnings for policymakers, reminding them that while promoting economic development, they must also focus on improving institutions. This is not just a reflection on traditional economic growth models, but also a deep insight into the current challenges of global econ