STOCKHOLM, Sweden — The Nobel prize in economics was awarded on Monday to Turkish American Daron Acemoglu and British Americans Simon Johnson and James Robinson for research into wealth inequality between nations.
By examining the various political and economic systems introduced by European colonizers, the three have been able to demonstrate a relationship between institutions and prosperity, the jury said.'Reducing the vast differences in income between countries is one of our time's greatest challenges,' Jakob Svensson, chairman of the Committee for the Prize in Economic Sciences, said in a statement.
The laureates have demonstrated the importance of societal institutions for achieving this,' Svensson added.Acemoglu, 57, is a professor at the Massachusetts Institute of Technology , as is Johnson, 61.Robinson, 64, is a professor at the University of Chicago.The jury highlighted the laureates' work illuminating how societal institutions play a role in explaining why some countries prosper while others do not.'I am delighted.
Wins Nobel For Work On Wealth Inequality
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