Watch: Nobel Price in economic sciences 2024 winner announced

Watch live as the winner of this year’s Nobel economics prize, formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is announced on Monday, 14 October.

This year’s award was given to Daron Acemoğlu, Simon Johnson and James A Robinson, for their work demonstrating how the types of institutions colonisers introduced have helped determine whether a country is rich or poor in the present day.

Each Nobel prize comes with 11 million Swedish crowns (roughly $1.1 million). It can be shared by up to three individuals.

Established by Sweden’s central bank in 1968, the economics prize is younger than the other Nobel prizes, which have been awarded since 1901.

The Nobel Prizes were established by the 1895 will of Swedish industrialist Alfred Nobel, the inventor of dynamite.

First handed out in 1901, they are awarded to those who — during the previous year — “those who, during the preceding year, shall have conferred the greatest benefit to humankind.”

Last year’s winner was Harvard economic historian Claudia Goldin for her work exposing the causes of deeply rooted wage and labour market inequality between men and women.