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Nobel Prize in Economics awarded for explaining the causes of countries' prosperity
The award was won by three scientists from the United States. They explained how state institutions are formed and how they influence the prosperity of a nation.
Three American scientists have won the Nobel Prize in Economics: Daron Acemoglu and Simon Johnson of the University of Cambridge and James Robinson of the University of Chicago.
Acemoglu and Robinson are the authors of the economics bestseller Why Some Countries Are Rich and Others Are Poor.
The Royal Swedish Academy of Sciences conducts research into how social institutions are formed and how they influence social prosperity.
The researchers note that the institutions created by Europeans during the colonial period had a major impact on the level of social welfare. Their main conclusion was that societies with weak rule of law and systems that exploit the population hinder the country's economic growth and development.
The prize in economics was first awarded in 1969 and is not one of the five Nobel Prizes awarded under Alfred Nobel's will. It was created and financed by the Bank of Sweden.
Nobel Week ended with the awarding of the economics prizes in Stockholm and Oslo. The award ceremony is traditionally scheduled for December 10, the day of Alfred Nobel's death. The prize fund in each category is 11 million Swedish kronor, or about $1.1 million. The laureates of the economics prize will receive this amount in three installments.