Oxford alumnus awarded 2024 Nobel Prize in Economics

Simon Johnson, who is a professor at the Massachusetts Institute of Technology (MIT), graduated from Oxford in 1984, studying Philosophy, Politics, and Economics as an undergraduate at Corpus Christi. He went on to study economics at the University of Manchester before undertaking a doctorate at MIT. In 2007-08 he was chief economist at the International Monetary Fund.

Professor Johnson’s research has focused on the lasting impact of colonial institutions and how inclusive political systems are essential for long-term economic development. His studies have significantly shaped modern economic thought, providing policymakers with valuable tools to address inequality and promote sustainable growth.

The award of this year’s Nobel Prize to Acemoğlu, Johnson and Robinson for their work on differences in the wealth of nations honours social science at its best. 

It was wonderful to have Daron with us in Oxford last term as the Sanjaya Lall Visiting Professor – a position held previously by other Nobel Laureates, Paul Krugman, Abhijit Banerjee and Esther Duflo – and to hear and discuss his lectures and talks on the implications of AI for economy and society.

Sir John Vickers, Warden of All Souls and Chair of the Sanjaya Lall Professorship appointing board 

His Nobel-winning work highlights the importance of inclusive institutions in driving long-term economic development, offering valuable insights into why some nations thrive while others lag behind.

Professor Acemoğlu, also based at MIT, was awarded the Sanjaya Lall Professorship at the University of Oxford in 2024. The Visiting Professorship scheme, based in Oxford's Department of Economics, was created to honour the memory and academic legacy of Professor Sanjaya Lall (1940-2005) and has run for over a decade, inviting some of the most prestigious international economists to the University. In May 2024, Professor Daron Acemoğlu delivered the Sanjaya Lall Memorial Lecture, where he challenged the idea that technological advancements lead naturally to greater prosperity and better lives.

Johnson and Acemoğlu are co-authors of 'Power and Progress: Our 1,000-Year Struggle over Technology & Prosperity', published in 2023. The book explores the history and economics of major technological transformations, up to and including the latest developments in Artificial Intelligence.