The winners received the Nobel Prize in Economics for their research on how social institutions influence the economic development and prosperity of nations.
This year’s Nobel Prize in Economic Sciences was awarded to Daron Witchmogl, Simon Johnson and James Robinson for their research showing how social institutions shape and influence the economic development of countries.
Scholars have analyzed historical evidence from colonial regimes and shown that in countries with weak institutions and weak rule of law, economic growth remained limited.
Their research emphasized that inclusive institutions promote development, especially in regions that were poor during the colonial era. Over time, this allowed former colonies that started out poor to become prosperous, while colonies that were already wealthy declined. This explains the current economic differences between countries.
According to the winners, the existence of strong institutions is a critical factor for economic development, and when the threat of revolution arises, the government is faced with the need for reforms to avoid major disturbances or even establish a democratic regime.
It was previously reported that the Nobel Committee announced the winner of the prize for literature. He is the South Korean writer Han Kang.
Source: korrespondent
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