Economists Daron Acemoglu, Simon Johnson and James Robinson were awarded the Nobel Prize in economic sciences today for their work on wealth inequality between nations.

Daron Acemoglu, born in Istanbul to Armenian parents, and Johnson are professors at the Massachusetts Institute of Technology. Robinson is director of the University of Chicago’s Pearson Institute for the Study and Resolution of Global Conflicts.

“Reducing the vast differences in income between countries is one of our time’s greatest challenges. The laureates have demonstrated the importance of societal institutions for achieving this,” said Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences.

The winners will share the 11 million Swedish kronor (US$1.058 million) award from the Swedish central bank.

Acemoglu and Robinson, in 2012, wrote the book Why Nations Fail: The Origins of Power, Prosperity, and Poverty, which explores the roots of inequality and why some countries gain wealth and influence.

Photo: The Nobel Prize X page