Three U.S.-based economists have been awarded the prestigious Nobel Prize in Economic Sciences for their significant contributions to understanding global wealth inequality.

As per the official press release, U.S.-based economists Daron Acemoglu, Simon Johnson, and James Robinson were awarded the Nobel Prize in Economic Sciences on Monday. The trio was recognized for their groundbreaking research on wealth inequality between nations.

The Nobel Committee highlighted their work on how societies with inadequate legal frameworks and exploitative institutions fail to achieve economic growth. Acemoglu and Johnson are professors at the Massachusetts Institute of Technology, while Robinson is the director of the University of Chicago’s Pearson Institute.

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Their influential 2012 book, “Why Nations Fail: The Origins of Power, Prosperity, and Poverty,” delves into the roots of inequality and the factors that enable some countries to thrive. Jakob Svensson from Stockholm University praised their empirical and theoretical contributions to understanding global inequality.

The winners will share the prize money of 11 million Swedish kronor ($1.058 million), awarded by the Swedish central bank. This award, formally known as the “Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel,” was first introduced in 1968.

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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari