Economics Nobel Laureates Unveil Key to Nation's Prosperity

Daron Acemoglu, Simon Johnson, and James A. Robinson received the Nobel memorial prize in economics for their research into why some countries succeed and others fail. Their work highlights the critical role of societal institutions in shaping national prosperity and reducing income disparities.

In a significant recognition, Daron Acemoglu, Simon Johnson, and James A. Robinson were awarded the Nobel memorial prize in economics on Monday. Their groundbreaking research sheds light on why some nations thrive economically while others lag behind. The trio's work emphasizes the critical role of societal institutions in determining a country's prosperity.

According to the Nobel committee of the Royal Swedish Academy of Sciences, countries with a weak rule of law and exploitative institutions fail to generate growth or positive change. This remarkable contribution offers a deeper understanding of global income disparities, according to Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences.

The economists hail from esteemed institutions: Acemoglu and Johnson from the Massachusetts Institute of Technology, and Robinson from the University of Chicago. Despite the economics prize technically not being a Nobel Prize, it is celebrated annually along with the other Nobel awards every December 10.

(With inputs from agencies.)