The Nobel Memorial Prize in Economic Sciences was awarded on Monday to Daron Acemoglu and Simon Johnson, both of the Massachusetts Institute of Technology, and to James Robinson of the University of Chicago.

The award for work into why countries succeed and fail is the final prize to be given out this year and is worth $1.1m.

MIT economists Acemoglu and Johnson, with UChicago's Robinson, won the Nobel Prize in Economic Sciences for their work on political systems and economic growth.