The Nobel Memorial Prize in Economic Sciences was awarded on Monday to Daron Acemoglu and Simon Johnson, both of the Massachusetts Institute of Technology, and to James Robinson of the University of Chicago.

Turkish Armenian economist Daron Acemoglu has been awarded the Nobel Prize in economic sciences. Acemoglu, a professor at the Massachusetts Institute of Technology, was honored alongside Simon Johnson from MIT and James A.

Their studies have shown the importance of giving people a real democratic voice for countries’ economic survival, the Nobel committee said.