❖ The Nobel Memorial Prize in economics was awarded to Daron Acemoglu, Simon Johnson and James A Robinson for their research into differences in prosperity between nations.

❖ They have demonstrated the importance of societal institutions for a country’s prosperity.

❖ Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better.

❖ Acemoglu and Johnson work at the Massachusetts Institute of Technology while Robinson is a researcher at the University of Chicago.

❖ Even though this prize for economics is not technically a Nobel Prize, it has always been presented along with others.