Daron Acemoglu, Simon Johnson, and James Robinson will share the prize, a cash award of 11 million Swedish kronor ($1 million). The Nobel Committee praised the trio for explaining why “societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better.”
Professor Acemoglu said institutions everywhere --including in the U.S. and Europe --are weakening, and support for democracies is down.
“If you look at data from surveys that ask people their views about authoritarianism, dictatorship, democracy and so on, you see that that support for democracy among the population is at an all time low.”
Winner Acemoglu described his reaction to being told he had won as surprise and shock.
“I am delighted, it’s just a real shock and amazing news, thank you”.
