The Nobel memorial prize in economics has been awarded to three U.S.-based academics who studied why some countries are rich and others poor and have documented that freer, open societies are more likely to prosper.
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Reached by the academy in Athens, Greece, where he was to speak at a conference, the Turkish-born Acemoglu, 57, said he was astonished by the award.Acemoglu said the research honored by the prize underscores the value of democratic institutions. Robinson said many societies have successfully made the transition to what he, Acemoglu and Johnson call an “inclusive society.’’
In their work, the winners looked, for instance, at the city of Nogales, which straddles the U.S.-Mexico border. “Support for democracy is at an all-time low, especially in the U.S., but also in Greece and in the UK and France,“ Acemoglu said on the sidelines of the conference in an Athens suburb. One key for the future, Johnson said, is how societies manage new technologies such as artificial intelligence.
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