The prestigious Nobel Economics Prize for 2024 is set to be announced on Monday by the Norwegian Nobel Committee. Speculation is rife about the possible recipients, with experts pointing to scholars focused on areas such as credit, the role of government, and wealth inequality as strong contenders. The announcement will take place at 11:45 am (0945 GMT) and will close out this year’s Nobel season.
Last year, the prize was awarded to American economist Claudia Goldin for her groundbreaking research on women’s labor market outcomes. Goldin became only the third woman to receive the award since its inception in 1969, joining Elinor Ostrom in 2009 and Esther Duflo in 2019. Despite a broader societal push for diversity, experts like Mikael Carlsson, a professor at Uppsala University, emphasize that scientific merit, not diversity, drives the committee’s decision-making process.
Several economists are seen as strong contenders for this year’s prize. Japan’s Nobuhiro Kiyotaki and Britain’s John H. Moore are being considered for their work on how small economic shocks affect business cycles. Meanwhile, American Susan Athey has been recognized for her contributions to market design.
MIT professor Daron Acemoglu, a Turkish-American economist renowned for his research on institutions and economic development, has emerged as a frontrunner. Acemoglu is often mentioned alongside Russian-American Andrei Shleifer. Another prominent name is French economist Philippe Aghion, known for his work on economic growth. U.S. economists George Loewenstein, Kenneth Rogoff, and Carmen Reinhart are also frequently cited as potential laureates.
Experts note that economists specializing in wealth inequality could be strong candidates this year. Thomas Piketty, Gabriel Zucman, and Emmanuel Saez have all been mentioned for their influential work on inequality. Other possible contenders include macroeconomists like Frenchman Olivier Blanchard and Americans Larry Summers and Gregory Mankiw. Canadian-American Janet Currie, recognized for her research on anti-poverty policies, is another favorite.
British-Indian economist Partha Dasgupta has been highlighted for his work integrating nature and its resources into the human economy, while Paolo Mauro has gained attention for his studies on the effects of corruption on economic growth.
The Nobel Economics Prize, sometimes referred to as the “false Nobel” due to its later introduction in 1968, was created by the Swedish central bank. However, it follows the same rigorous selection process as the original Nobel science prizes. The winner will receive a diploma, a gold medal, and a one-million-dollar prize at the official ceremony on December 10, marking the anniversary of Alfred Nobel’s death in 1896.
