The Nobel memorial prize in economics has been awarded to Daron Acemoglu, Simon Johnson and James A. Robinson for research into differences in prosperity between nations. The three economists “have demonstrated the importance of societal institutions for a country’ s prosperity,” the Nobel committee of the Royal Swedish Academy of Sciences said. “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,” it added.
