MIT professors awarded Nobel Prize in Economic Sciences. Two professors from the Massachusetts Institute of Technology were awarded this year's Nobel Prize in Economic Sciences, k

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 lik

Daron Acemoglu, Simon Johnson, and James A. Robinson won for their "studies of how institutions are formed and affect prosperity," the committee said.