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Daron Acemoglu, Simon Johnson and James A. Robinson were awarded the Nobel Prize in Economics for researching how institutions form and affect welfare.
The Nobel committee praised the trio for explaining why "societies with a weak rule of law and institutions that exploit the population do not generate growth or change for the better."
The three economists will share a prize of 11 million kroner ($1.1 million), the Royal Swedish Academy of Sciences in Stockholm announced.
The prestigious prize, officially named "Sveriges Riksbank Prize" in Economic Sciences in memory of Alfred Nobel, is the last of this year's Nobel prizes and is worth 11 million Swedish kroner.
Unlike other prizes, the economics prize was not established in Alfred Nobel's 1895 will, but by the Swedish Central Bank in his memory. The first winner was chosen in 1969.