A British-born economist who called Brexit “self-destructive” has won the Nobel Prize for work on colonialism and its legacy. Simon Johnson, a professor at the Massachusetts Institute of Technology (MIT),

The economics prize will be the last Nobel to be awarded this year.

The long-lasting impact of Europe’s former empires on growth forms the basis of research by three U.S.-based academics who will share the 2024 Nobel Prize in economics. Daron Acemoglu and Simon Johnson — a former chief economist at the International Monetary Fund — along with James A.

The award is shared by Daron Acemoglu and Simon Johnson of MIT and James Robinson of the University of Chicago for their research on the institutional roots of national wealth and poverty. They will split the prize money of 11 million Swedish krona or about $1.

Two British professors are among the winners of the 2024 Nobel Prize in economics. Simon Johnson, 61, and James A Robinson, 64, have been recognised by the Royal Swedish Academy of Sciences for their "studies of how institutions are formed and affect prosperity".

Daron Acemoglu, Simon Johnson, and James Robinson studied how the nature of a country's institutions can affect their economic prosperity and poverty.