London CNN —
A trio of economists was awarded the Nobel Prize Monday for their “studies of how institutions are formed and affect prosperity.”
Daron Acemoglu, Simon Johnson and James Robinson will share the prize, which carries a cash award of 11 million Swedish kronor ($1 million).
The Nobel Committee praised the trio for explaining why “societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better.”
“When Europeans colonized large parts of the globe, the institutions in those societies changed,” the
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