The Nobel prize in economics was awarded on Monday to Turkish-American Daron Acemoglu and British-Americans Simon Johnson and James Robinson for research into wealth inequality between nations.
By examining the various political and economic systems introduced by European colonizers, the three have demonstrated a relationship between societal institutions and prosperity, the jury said.
"Reducing the vast differences in income between countries is one of our time's greatest challenges," Jakob Svensson, chair of the Committee for the Prize in Economic Sciences, said in a statement.
"The laureates have demonstrated the importance of societal institutions for achieving this," Svensson added.
Acemoglu, 57, and Johnson, 61, are professors at the Massachusetts Institute of Technology (MIT).
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