Daron Acemoglu, Simon Johnson and James A Robinson win Nobel Economics Prize

The award was announced in Stockholm on Monday.

Acemoglu and Johnson work at the Massachusetts Institute of Technology while Robinson is a researcher at the University of Chicago.

Formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, the economics prize was established by the central bank in 1968 as a memorial to the 19th-century Swedish businessman and chemist who invented dynamite. He had established five Nobel Prizes — medicine, physics, chemistry, literature and peace, the winners of which were announced last week.

Even though the Nobel purists argue that this prize for economics is not technically a Nobel Prize, it has always been presented along with others on December 10, Nobel’s death anniversary.