Summary
- The Nobel Prize in Economics was awarded to Daron Acemoglu, Simon Johnson, and James A. Robinson for their studies on how institutions are formed and affect prosperity.
- Their research shows societies with poor rule of law and exploitative institutions do not generate growth or positive change.
- Acemoglu and Robinson’s book “Why Nations Fail” explores the role of extractive economic and political institutions in hindering development.
- Robinson has a particular interest in sub-Saharan Africa and Latin America, while Acemoglu’s research covers a wide array within economics.