Daron Acemoglu, Simon Johnson, and James A. Robinson

Daron Acemoglu, Simon Johnson, and James A. Robinson have been awarded the Nobel Prize in Economics for their research on the formation of institutions and their impact on prosperity.

The Sveriges Riksbank Prize in Economic Sciences, in memory of Alfred Nobel, was granted to these three US-based economists for their work demonstrating the critical role of societal institutions in shaping a nation’s prosperity, as announced by the Nobel committee of the Royal Swedish Academy of Sciences.

The committee emphasized: "Societies with weak rule of law and exploitative institutions fail to generate growth or positive change. The laureates' research sheds light on why this occurs."

Their studies have focused on institutions established by European colonial powers.  read for more..