"Reducing the vast differences in income between countries is one of our time's greatest challenges. The laureates 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," the award organizers added on their website.
Acemoglu, Johnson, and Robinson are highly influential economists and political scientists, particularly known for their collaborations on the relationship between political institutions, economic development, and long-term prosperity.
The economics award is worth 11 million Swedish kronor (roughly $1 million; 0.92 million); the same as the other Nobel categories.
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