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The Nobel Prize in Economics was awarded for explaining why countries are divided into rich and poor
The Nobel Prize in Economics was awarded to Daron Acemoglu, Simon Johnson and James A. Robinson "for their joint research on how institutions are formed and how they affect well-being," according to the official website of the prize.
The winners looked at what determines a country’s long-term economic prosperity. Their research concluded that supporting democracy and inclusive institutions “is an important step forward in promoting economic development.”