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The Nobel Memorial Prize in Economics has been awarded to Daron Acemoglu, Simon Johnson, and James A Robinson for their study of existential differences between the prosperity of nations. The Nobel Committee of the Royal Swedish Community highlighted, “The three awardees have demonstrated the importance of societal institutions for a country’s prosperity”. The Committee added, “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”.

Johnson and Acemoglu work at the Massachusetts Institute of Technology, while Robinson is a Researcher at the University of Chicago. Johnson is the Ronald A. Kurtz Professor of Entrepreneurship at MIT Sloan School and a senior fellow at the Peterson Institute for International Economics. Acemoglu is currently posted as the Elizabeth and James Killian Professor of Economics. Robinson is currently the Reverend Dr. Richard L. Pearson Professor of Global Conflict Studies and University Professor at Harris School of Public Policy, University of Chicago.

The award was formerly known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. The Economics Prize was established by the Central Bank in 1968 as a memorial.