Three economists have been awarded the Nobel Prize for their "studies on how institutions are formed and how they affect prosperity." Daron Acemoglu, Simon Johnson, and James Robinson will share the prize, which includes a cash award of 11 million Swedish kronor (about 1 million dollars). The Nobel Committee highlighted that the award was given to the three economists 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."

We asked some Bocconi professors to share their thoughts.

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