Acemoglu, who was born in Istanbul, and Johnson, who was born in the U.K., are professors of economics at the Massachusetts Institute of Technology. Robinson is a professor of eco

Three economists were awarded the Nobel Prize Monday for their research into how the nature of institutions helps explain why some countries become rich and others remain poor.

This year’s winners of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, usually called the Nobel prize in economics, argue that it depends on the quality of government. In 2001 the three men—Daron Acemoglu and Simon Johnson,

The Nobel laureates in the economic sciences have demonstrated the importance of societal institutions for a country’s prosperity. Societies with a poor rule of law and exploitative institutions do not generate growth or change for the better.

The Nobel memorial prize in economics has been awarded 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.

MIT professors awarded Nobel Prize in Economic Sciences. Two professors from the Massachusetts Institute of Technology were awarded this year's Nobel Prize in Economic Sciences, k

Their research centered around tracing the roots of the question: "Why are some countries poorer and others more prosperous? And why do those inequalities persist?"