Acemoglu, who was born in Istanbul, and Johnson, who was born in the U.K., are professors of economics at the Massachusetts Institute of Technology. Robinson is a professor of eco

A trio of economists just won a Nobel prize for their insights into how democratic and other inclusive institutions are critical for a nation’s prosperity.

The Nobel laureates in the economic sciences have demonstrated the importance of societal institutions for a country’s prosperity. Societies with a poor rule of law and exploitative institutions do not generate growth or change for the better.