Current Context : The Nobel Memorial Prize in economics was awarded to Daron Acemoglu, Simon Johnson and James A Robinson for their research into differences in prosperity between nations.

• They received the prize for their research into how institutions shape which countries become wealthy and prosperous — and how those structures came to exist in the first place.
• Acemoglu and Johnson work at the Massachusetts Institute of Technology and Robinson conducts his research at the University of Chicago.

ABOUT PRIZE :

• The economics prize is formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel.
• The central bank established it in 1968 as a memorial to Nobel, the 19th-century Swedish businessman and chemist who invented dynamite and established the five Nobel Prizes.