The Nobel prize in economics was awarded on Monday to three economists who have studied why some countries are rich and others poor and have documented that freer, open societies are more likely to prosper.
The work by Daron Acemoglu, Simon Johnson and James A. Robinson “demonstrated the importance of societal institutions for a country’s prosperity,” the Nobel committee said at the announcement in Stockholm. Acemoglu and Johnson work at the Massachusetts Institute of Technology, while Robinson does his research at the University of Chicago.
“Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better. The laureates’ research helps us understand why,” the committee added.
The work by Daron Acemoglu, Simon Johnson and James A. Robinson “demonstrated the importance of societal institutions for a country’s prosperity,” the Nobel committee said at the announcement in Stockholm. Acemoglu and Johnson work at the Massachusetts Institute of Technology, while Robinson does his research at the University of Chicago.
“Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better. The laureates’ research helps us understand why,” the committee added.