Peter Grajzl to Host Nobel Prize Symposium Talk The John F. Hendon Professor of Economics will discuss the Sveriges Riksbank Prize in Economic Sciences presented to Daron Acemoglu, Simon Johnson and James A. Robinson.

By Brian Laubscher
January 21, 2025

Peter Grajzl, John F. Hendon Professor of Economics at Washington and Lee University, will host a discussion on the 2024 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel presented to Daron Acemoglu and Simon Johnson from Massachusetts Institute of Technology and James A. Robinson of the University of Chicago. The talk is free and open to the public and will be held at 11:30 a.m. Wednesday, Jan. 29, in room 128 of the Harte Center for Teaching and Learning, located in Leyburn Library. Snacks and refreshments will be provided.

The three scholars were recognized for their groundbreaking research on the relationship between institutions and economic development, examining how political and economic institutions shape long-term economic growth and disparities across nations. They demonstrated how different colonization strategies led to varying types of institutions, influencing modern economic outcomes. Acemoglu, Johnson and Robinson (AJR) found that, compared to colonies where Europeans settled and built institutions protecting property rights, places where European colonizers established “extractive” institutions tended to develop weaker property rights and less inclusive political systems, eventually leading to poorer long-term economic performance.

“Research by AJR casts new light on the central importance of institutions — humanly devised constraints that shape economic, political, legal and social interaction,” said Grajzl. “Their work has also reminded us that markets do not function in a vacuum. The Nobel Prize symposium talk will offer insights into the essence of AJR’s methodological approach and findings, as well as highlight reactions from the broader professional community.”

The three economists have authored or co-authored several books and papers, including numerous works in tandem with each other. Among the most notable works are the books “Why Nations Fail: The Origins of Power, Prosperity and Poverty,” co-authored by Acemoglu and Robinson, and “Power and Progress: Our 1,000-Year Struggle Over Technology & Prosperity,” co-authored by Acemoglu and Johnson.

Acemoglu was born in Istanbul and was educated in the United Kingdom, earning a Bachelor of Arts in economics from the University of York, in addition to receiving a Master of Science in econometrics and a Ph.D. in mathematical economics from the London School of Economics. He is one of the most cited economists in the world and was awarded the John Bates Clark Medal, given to the most influential economist under the age of 40.

Johnson was born in Sheffield, England, and went on to earn a philosophy, politics and economics degree from Corpus Christi College (U.K.). He later received a Master of Arts in economics from the University of Manchester (U.K.) and a Ph.D. in economics from Massachusetts Institute of Technology. He has been a prominent voice on financial regulation and economic policy.

Born in Chelmsford, England, Robinson earned a Bachelor of Science in economics from the London School of Economics (U.K.), a Master of Arts from the University of Warwick (U.K.) and a Ph.D. in economic theory and labor relations from Yale University. He is a member of the American Academy of Arts and Sciences and has served as a research associate at the National Bureau of Economic Research.

Learn more about all of the 2024 Nobel Prize winners.