Daron Acemoglu, Simon Johnson, and James Robinson have been awarded the 2024 Nobel Memorial Prize in Economic Sciences for their insightful research uncovering the roots of economic inequality between nations. Their work, which has combined both theoretical frameworks and empirical data, has illuminated how institutions play a pivotal role in the distribution of prosperity globally. The Nobel committee highlighted their contributions towards understanding the enduring impact of colonialism on former colonies, demonstrating how historical institutional choices have led to varied economic outcomes. As Jakob Svensson, chairman of the committee, stated, bridging the income gap between countries remains one of the most significant challenges of modern times. The laureates' research underscores the importance of robust societal institutions in achieving equitable economic growth, offering a nuanced narrative beyond the simplistic view of colonialism's legacy.