There's word this morning. The Nobel Economics Prize goes to three US-based

scholars who study how the institutions countries inherit can make or break

economies. I'm David Brancaccio.

The Nobel Committee today highlighted work of three economists focused on how institutions

affect poverty and wealth within and among countries.

Darren Asamoglu and Simon Johnson of MIT and James A Robinson at Chicago will share the prize.

Institutions that contribute to prosperity are things like the rule of law or freedom of information in the

press versus censorship. Here's one of today's lorry it's Dr. Asamogu on

marketplace back in 2021. If free flow of information and ideas is curtailed, you're not going to have the very things that

have made the United States so successful economically.

Alseam Ogle speaking with my colleague Kai Rizdahl back in 2021.

Let's bring in Marketplace's senior economics contributor Chris Farall and St Paul.

Institutions can make us richer or poorer.

Chris, tell me more.

You had mentioned the rule of law and do people obey the law and do people believe the results of the elections.

Do you even have an election? And do people believe the results of the elections?

Do you even have an election?

Do people have a voice?

Do they have a sense that there is order in this society,

order in this political economy, which is an old-fashioned term and what they've done is

they looked at how power is distributed in a society how resources are allocated in a society, how resources are allocated in a society, and their bottom line

conclusion, David, is that if you have a country with inclusive institutions,

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