Daron Acemoglu, Simon Johnson, and James Robinson demonstrated how the colonial legacies shape current institutions, critically affecting wealth disparity across nations.
The Nobel Committee noted that the researchers' work elucidates how inclusive institutions promote prosperity, while extractive institutions hinder economic development.
Jakob Svensson emphasized that understanding societal institutions is vital for tackling the vast income disparities between nations.
Their analysis of data revealed a direct correlation between the type of institutions established during colonization and the present economic conditions of nations.
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