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Acemoglu, Johnson and Robinson Win 2024 Nobel Economics Prize

A screen shows the laureates (L-R) Turkish-American Daron Acemoglu and British-Americans Simon Johnson and James Robinson of the 2024 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel during the announcement by the Royal Swedish Academy of Sciences in Stockholm, Sweden on October 14, 2024. (TT news agency / AFP)
A screen shows the laureates (L-R) Turkish-American Daron Acemoglu and British-Americans Simon Johnson and James Robinson of the 2024 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel during the announcement by the Royal Swedish Academy of Sciences in Stockholm, Sweden on October 14, 2024. (TT news agency / AFP)
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Acemoglu, Johnson and Robinson Win 2024 Nobel Economics Prize

A screen shows the laureates (L-R) Turkish-American Daron Acemoglu and British-Americans Simon Johnson and James Robinson of the 2024 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel during the announcement by the Royal Swedish Academy of Sciences in Stockholm, Sweden on October 14, 2024. (TT news agency / AFP)
A screen shows the laureates (L-R) Turkish-American Daron Acemoglu and British-Americans Simon Johnson and James Robinson of the 2024 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel during the announcement by the Royal Swedish Academy of Sciences in Stockholm, Sweden on October 14, 2024. (TT news agency / AFP)

Daron Acemoglu, Simon Johnson and James Robinson won the 2024 Nobel economics prize "for studies of how institutions are formed and affect prosperity", the Royal Swedish Academy of Sciences said on Monday.

The prestigious award, formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is the final prize to be given out this year and is worth 11 million Swedish crowns ($1.1 million).

"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," said Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences.

The economics award is not one of the original prizes for science, literature and peace created in the will of dynamite inventor and businessman Alfred Nobel and first awarded in 1901, but a later addition established and funded by Sweden's central bank in 1968.

Past winners include a host of influential thinkers such as Milton Friedman, John Nash - played by actor Russell Crowe in the 2001 film "A Beautiful Mind" - and, more recently, former US Federal Reserve Chairman Ben Bernanke.

Last year, Harvard economic historian Claudia Goldin won the prize for her work highlighting the causes of wage and labor market inequality between men and women.

The economics prize has been dominated by US academics since its inception, while US-based researchers also tend to account for a large portion of winners in the scientific fields for which 2024 laureates were announced last week.

That crop of prizes began with US scientists Victor Ambros and Gary Ruvkun winning the prize for medicine on Monday and concluded with Japan's Nihon Hidankyo, an organization of survivors from Hiroshima and Nagasaki who campaigned for the abolition of nuclear weapons landing the award for peace on Friday.

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What is US Daylight Saving Time and When Do Clocks Change?

Technician Oleg Ryabtsev performs maintenance work on a clock in Minsk, Belarus, Saturday, March 29, 2008. (AP)
Technician Oleg Ryabtsev performs maintenance work on a clock in Minsk, Belarus, Saturday, March 29, 2008. (AP)
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What is US Daylight Saving Time and When Do Clocks Change?

Technician Oleg Ryabtsev performs maintenance work on a clock in Minsk, Belarus, Saturday, March 29, 2008. (AP)
Technician Oleg Ryabtsev performs maintenance work on a clock in Minsk, Belarus, Saturday, March 29, 2008. (AP)

Daylight saving time, a practice affecting almost 400 million people across North America, is once again in the spotlight as debates over its necessity continue. This twice-a-year ritual of adjusting clocks forward in spring and back in autumn has been ingrained in American, Canadian and Cuban life for more than a century. However, recent legislative proposals and shifting public sentiment are prompting a reevaluation of its relevance in today's society, Reuters said.
WHEN DO THE CLOCKS CHANGE?
Daylight saving time in the US and some other countries ends on Nov. 3 at 2 a.m. local time, meaning people will gain an extra hour of sleep. Mornings will be brighter but it will get dark earlier in the evening. The saying "spring forward, fall back" serves as a helpful reminder for adjusting clocks.
In the UK and other European countries, daylight saving time, also known as summer time, ends on Oct. 27.
Daylight saving time always starts on the second Sunday in March and ends on the first Sunday in November in the United States. This contrasts with the UK and European Union, where summer time begins on the last Sunday in March and ends on the last Sunday in October.
WHEN IS THE SHORTEST DAY OF THE YEAR IN 2024?
The shortest day of 2024 will be on Dec. 21, which marks the winter solstice. Daylight hours vary significantly across latitudes in the Northern Hemisphere. Areas near the North Pole will be plunged into complete darkness while southern regions will still get over 10 hours of sunshine.
Next year, daylight saving time will start on March 9 and end on Nov. 2.
WHY WAS DAYLIGHT SAVING CREATED IN THE US AND HOW DID IT START?
The modern idea of changing the clocks with the seasons can be traced back to at least the late 19th century, when New Zealand entomologist George Hudson proposed it to conserve energy and extend summer daylight hours, something which would have benefited his own hobby of collecting insects after work. The idea was slow to gain traction until World War One, when European states sought any strategies to conserve fuel. Germany was the first country to adopt daylight saving time in 1916. The United States followed in 1918.
The practice went through many variations before the United States standardized it in 1966 in the Uniform Time Act, which allows states to opt out of it but not to stay on daylight saving time permanently.
WHY IS DAYLIGHT SAVING TIME CONTROVERSIAL?
A common myth is that the US adopted daylight saving time to benefit farmers, but in reality many farmers are opposed to the practice for being disruptive to their schedules. The original motivation to conserve fuel is also under debate, as studies have found little, if any, energy savings from the shift, according to the US Congressional Research Service. Opponents point to other studies that have found adverse health effects linked to daylight saving time, such as a spike in fatal traffic accidents, heart attacks, strokes and sleep deprivation in the days after clocks are moved forward an hour every March.
A March 2023 YouGov poll found that 62% of Americans want to end the practice of changing clocks, though only 50% preferred to keep permanent daylight saving time.
DO ALL US STATES OBSERVE DAYLIGHT SAVING TIME?
No. Hawaii and Arizona, with the exception of the Navajo Nation, do not observe daylight saving time. The US territories of American Samoa, Guam, the Northern Mariana Islands, Puerto Rico and the US Virgin Islands also observe permanent standard time. While daylight saving time is widespread across the United States, 19 states have passed legislation to permanently use daylight saving time if Congress were to allow it, according to the National Conference of State Legislatures.
IS THE US ENDING DAYLIGHT SAVING TIME?
The United States is not ending daylight saving time any time soon, though there is proposed federal legislation called the Sunshine Protection Act that would make daylight saving time permanent. The legislation, introduced by a bipartisan group of senators, was passed by the Senate in 2022 but stalled in the US House of Representatives because lawmakers could not agree on whether to keep standard time or permanent daylight saving time.
The group of senators reintroduced the bill last year and it has been referred to the Committee on Commerce, Science and Transportation to review. The bill would need to pass the Senate and House before President Joe Biden could sign it into law.