The Nobel Prize in Economics was awarded for research on the formation of institutions and their impact on welfare. It was awarded to Deron Acemoglu, Simon Johnson and James Robinson, the Nobel Committee announced on Monday, UNN reports .
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Reportedly, this year's laureates have provided a new explanation for why there are such large differences in well-being between nations. One important explanation is persistent differences in social institutions.
"By studying the different political and economic systems introduced by European colonizers, Daron Acemoglu, Simon Johnson, and James Robinson have been able to demonstrate the link between institutions and prosperity. They also developed theoretical tools that can explain why differences in institutions persist and how institutions can change," the committee said in a statement.
Nobel Peace Prize was awarded to the Japanese organization Nihon Hidankyo11.10.24, 12:09