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.