The 2024 Nobel Prize in Economics has been awarded to Daron Acemoglu, Simon Johnson, and James A. Robinson for their groundbreaking research into the factors that determine why some nations prosper while others fail. Their studies emphasize the role of institutions and historical contexts, particularly exploring how colonial legacies impact wealth distribution and economic success. The laureates, affiliated with prestigious institutions like MIT and the University of Chicago, highlight the importance of rule of law and strong institutions in fostering economic growth. This recognition brings renewed attention to the complexities of global inequality and the economic dynamics that shape prosperity across nations.