Nobel economics prize goes to 3 economists who found that freer societies are more likely to prosper

Associated Press

STOCKHOLM (AP) — The Nobel memorial prize in economics has been awarded to three U.S.-based academics who studied why some countries are rich and others poor and have documented that freer, open societies are more likely to prosper. The Royal Swedish Academy of Sciences said their work demonstrates the importance of societal institutions for boosting a country’s prosperity. The research has provided “a much deeper understanding of the root causes of why countries fail or succeed,” said Jakob Svensson, chair of the Committee for the Prize in Economic Sciences. The announcement was made Monday in Stockholm. Daron Acemoglu and Simon Johnson work at the Massachusetts Institute of Technology, while James A. Robinson conducts his research at the University of Chicago.