Trio of professors win Nobel economics prize for work on post-colonial wealth

British-born Simon Johnson and James A Robinson and Turkish-American Daron Acemolu share 810,000 prize

Three US-based professors, including two UK-born academics, have been awarded this year's Nobel prize in economics, for showing how the political and economic systems introduced by colonisers can determine whether a country is rich or poor today.

The explanation put forward by Turkish-American Daron Acemolu, Sheffield-born Simon Johnson and Briton James A Robinson suggests that inclusive institutions set up for the long-term benefit of European migrants ended up resulting in more prosperous societies in the long term.