Nobel economics prize is awarded for research into why countries succeed or fail
Stockholm (AP): The Nobel memorial prize in economics was awarded Monday to Daron Acemoglu, Simon Johnson and James A. Robinson for research into reasons why some countries succeed and others fail.
The Nobel memorial prize in economics was awarded Monday to Daron Acemoglu, Simon Johnson and James A. Robinson for research into differences in prosperity between nations.
The three economists “have demonstrated the importance of societal institutions for a country's prosperity,” the Nobel committee of the Royal Swedish Academy of Sciences said at the announcement in Stockholm.
“Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better. The laureates' research helps us understand why,” it added.
Acemoglu and Johnson work at the Massachusetts Institute of Technology and Robinson conducts his research at the University of Chicago.
“Reducing the vast differences in income between countries is one of our time's greatest challenges. The laureates have demonstrated the importance of societal institutions for achieving this,” Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences, said.
He said their research has provided "a much deeper understanding of the root causes of why countries fail or succeed.”
Reached by the academy in Athens, Greece, where he is due to speak at a conference, Acemoglu said he was surprised and shocked by the award.
“You never expect something like this," he said.
The economics prize is formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. The central bank established it in 1968 as a memorial to Nobel, the 19th-century Swedish businessman and chemist who invented dynamite and established the five Nobel Prizes.
Though Nobel purists stress that the economics prize is technically not a Nobel Prize, it is always presented together with the others on December 10, the anniversary of Nobel's death in 1896.
Nobel honors were announced last week in medicine, physics, chemistry, literature and peace.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
South African police arrest suspect in mass shooting that killed 12, including 3 children
Johannesburg (AP): A 32-year-old suspect has been arrested in connection with a mass shooting which claimed the lives of 12 people including three children at an unlicensed pub earlier this month, South African police said on Monday.
The man is suspected of being one of the three people who opened fire on patrons in a pub at Saulsville township, west of South Africa's capital Pretoria, killing 12 people including three children aged 3, 12 and 16.
At least 13 people were also injured during the attack, whose motive remains unknown.
According to the police, the suspect was arrested on Sunday while traveling to Botlokwa in Limpopo province, more than 340 km from where the mass shooting took place on Dec 6.
An unlicensed firearm believed to have been used during the attack was recovered from the suspect's vehicle.
“The 32-year-old suspect was intercepted by Limpopo Tracking Team on the R101 Road in Westenburg precinct. During the arrest, the team recovered an unlicensed firearm, a hand gun, believed to have been used in the commission of the multiple murders. The firearm will be taken to the Forensic Science Laboratory for ballistic analysis,” police said in statement.
The suspect was arrested on the same day that another mass shooting at a pub took place in the Bekkersdal township, west of Johannesburg, in which nine people were killed and 10 wounded when unknown gunmen opened fire on patrons.
Police have since launched a search for the suspects.
South Africa has one of the highest homicide rates in the world and recorded more than 26,000 homicides in 2024 — an average of more than 70 a day. Firearms are by far the leading cause of death in homicides.
The country of 62 million people has relatively strict gun ownership laws, but many killings are committed with illegal guns, according to authorities.
According to police, mass shootings at unlicensed bars are becoming a serious problem. Police shut down more than 11,000 illegal taverns between April and September this year and arrested more than 18,000 people for involvement in illegal liquor sales.
