The importance of strong institutions, in order to make democracy stronger, was emphasised by MIT Institute Professor Daron Acemoglu in Athens on Monday, when asked for a brief message on winning the 2024 Nobel Prize in Economics, together with Simon Johnson and James Robinson. Acemoglu was a speaker at the 8th Sustainability Summit for SE Europe and the Mediterranean organised by Economist Impact in Athens on October 14-15.
In a brief discussion concerning the prize during the conference, Acemoglu commented that "something nice always happens" every time he visits Athens, "the birthplace of democracy". He pointed out that the award was on his work regarding institutions, expressing the opinion that institutions now "count more than ever" in a time of drastic changes related to Artificial Intelligence and how to adapt to it, how to find meaning in work, reduce inequalities and deal with ageing and climate change.
"I think we need to focus more on institutional strength, so democracy is stronger and works for everyone," he said, adding that discussions on these topics are very crucial for the world of "our children and grandchildren".
Asked whether he had believed that he had won the Nobel prize or whether he had initially considered the telephone call a prank, as other academics have done before, Acemoglu said that he had been prepared in advance, before receiving the call, in a written message and an e-mail from someone on the committee asking for his telephone number.
Daron Acemoglu, Simon Johnson and James Robinson won the 2024 Nobel economics prize "for studies of how institutions are formed and affect prosperity", according to the Royal Swedish Academy of Sciences.