Trio of professors win Nobel economics prize for work on post-colonial wealth

Trio of professors win Nobel economics prize for work on post-colonial wealth

Daron Acemoğlu, Simon Johnson and James A Robinson share £810,000 prize for study on why some former colonies are wealthier than others

Three US-based professors, including two UK-born academics, have been awarded this year’s Nobel prize in economics, for showing how the types of institutions introduced by colonisers have helped determine whether a country is rich or poor today.

The explanation put forward by Turkish-American Daron Acemoğlu, Sheffield-born Simon Johnson and Briton James A Robinson, suggests that inclusive institutions for the long-term benefit of European migrants ended up resulting in more prosperous societies in the long term.

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