New Delhi. This year’s Nobel Prize in Economics has been announced for three economists from America and Britain. The winners include Turkish-American Deran Acemoglu, British-American Simon Johnson and Briton James A. Robinson. He has received this honor for his research on the formation of different political and social institutions and their impact on the progress of the society. Every year, the Nobel Prize in Economics is announced last in the announcement of the Nobel Prize. Before that the Nobel Prize for Literature is announced.
However, this time the three economists awarded the Nobel Prize have told how poor countries have not been able to develop like rich countries despite years of progress. He has explained how resources are distributed and who has the power to take decisions in the society. On this basis there is conflict between the rich class and the common people. He has told that sometimes the public puts pressure on the government to accept its views and sometimes the rich ruling class is forced to hand over the right to take decisions to the public.