Speakers: Alan Schmidt and Ruth Schmidt
The 2024 Nobel Prize in Chemistry was for computational protein design and protein structure prediction. The 2024 Nobel Prize in Economics was for studies of how institutions are formed and affect prosperity.
Program: 2024 Nobel Prizes in Chemistry and Economic Science
Speakers: Alan Schmidt, PhD; Ruth Schmidt, PhD; both chem. engineers and STC members
Introduced By: Ruth for Alan, Alan for Ruth
Attendance: NESC: 86; Zoom: 20
Guest(s): Ted Danulson, David Lips, Tom Rasmussen
Scribes: Alan and Ruth Schmidt
Editor: Carl Warner
Zoom recording found at: https://www.scientechclubvideos.org/zoom/09082025.mp4
Alan D. Schmidt received a BS in chemical engineering from Michigan State University and PhD in chemical engineering from the University of Wisconsin-Madison. He is a retired environmental engineer, Indiana Department of Environmental Engineering.
2024 NOBEL PRIZE IN CHEMISTRY
The 2024 Nobel Prize in Chemistry was for computational protein design and protein structure prediction which can determine a protein's complex structure and build entirely new proteins. Proteins can be used as pharmaceuticals, vaccines, nanomaterials, and tiny sensors.
The 2024 Nobel Chemistry Prize highlights the groundbreaking achievements in protein structure and design of Demis Hassabis, John Jumper, and David Baker. Foundational work included the 1962 Chemistry Nobel Prize, which recognized the breakthrough in protein structure visualization through X-ray crystallography by John Kendrew and Max Perutz. This innovation allowed scientists to understand the 3D structures of proteins like myoglobin and hemoglobin, laying the foundation for modern molecular biology. Anfinsen's Protein Folding Principle, which earned the 1972 Chemistry Nobel Prize, demonstrated that the unique sequence of amino acids in a protein determines its final 3D structure, emphasizing the importance of precise protein folding for biological activity.
Demis Hassabis used the Artificial Intelligence mastery of board games, such as chess and Go, to predict protein structures. Demis Hassabis and John Jumper's AlphaFold2 program, which uses advanced neural networks, achieved near X-ray crystallography accuracy in protein structure prediction thus revolutionizing computational biology and drug discovery.
David Baker's pioneering work in computational protein design allows scientists to create proteins with new functions not found in nature. This advancement supports rapid biomedical research and offers innovative solutions for health and industrial applications.
Overall, their Nobel Prize emphasizes the significant impact of these scientific breakthroughs on biology and medicine, transforming our understanding and capabilities in protein science.
Ruth Schmidt, received a BS ChE Case Western Reserve U, PhD in chemical engineering from the UW - Madison, and an MBA from Cleveland State. She is a retired pricing economist, United States Postal Service.
2024 NOBEL PRIZE IN ECONOMIC SCIENCE
The 2024 Nobel Prize in Economics was awarded to Daron Acemoglu and Simon Henry Roberts Johnson from MIT and James A. Robinson from the University of Chicago for demonstrating how inclusive institutions—characterized by broad participation, opportunity, rule of law, and bureaucratic quality—drive economic prosperity measured by GDP. They developed theoretical tools explaining why institutional differences persist and how they evolve.
Institutions are categorized as inclusive, promoting growth through broad participation, or extractive, which hinder growth by limiting participation. Case studies like South and North Korea highlight differences in institutional quality and economic outcomes, including patent rights and opportunities.
The laureates linked these institutional types to economic outcomes, showing how European colonization shaped current institutions and GDP via settler mortality. Empirical data shows a strong correlation (R squared = 0.51) between settler mortality rates during colonization and present-day GDP, illustrating how historical institutional quality impacts current prosperity.
The laureates explained institutional persistence and change through political dynamics involving conflicts between elites and masses, power exercised by the masses, and commitment problems. Historical examples include the USA's Standard Oil monopoly regulation and voting rights expansions such as the Glorious Revolution and suffrage movements.
The research underscores the importance of institutions in shaping long-term economic growth, including future technological progress. It calls for reflection on how individuals can influence institutions today, exemplified by events like the Indianapolis Labor Day Protest in 2025.
Ruth and Alan Schmidt
