Professors win Nobel Prize in Economics for research on colonial wealth disparities

Three professors, Simon Johnson, James A. Robinson, and Daron Acemoğlu, have won the Nobel Prize in Economics for their research on how colonial political and economic systems affect current wealth disparities. They highlight that inclusive institutions lead to prosperity, while exploitative systems result in poverty. The laureates emphasize that countries can improve their economic situations by establishing democracy and the rule of law, potentially reversing the negative impacts of colonialism. They will share an £810,000 prize and a gold medal for their contributions. Acemoğlu and Johnson are professors at MIT, while Robinson teaches at the University of Chicago. Their work includes influential books on the relationship between institutions and economic outcomes.