University of Chicago professor wins Nobel Economics Prize

CHICAGO - A University of Chicago professor was among three economists who were awarded the Nobel Memorial Prize in Economics on Monday. 

James A. Robinson was recognized for his work which focused on why societies with poor rules of law and institutions that exploit their citizens do not generate sustainable growth. He spoke about the honor, saying it would take time to sink in.

"Well, we’ve been studying, you know, really inequality in the world today and historically, trying to understand the enormous inequalities between prosperous countries like the United States and poor countries," Robinson said. "And so I think like trying to understand those differences and why they exist and what you can do about them, that’s been the focus of our research. And I think that’s hopefully that’s important for everyone."

The Royal Swedish Academy of Sciences has been awarding the Economic Sciences Prize since 1969. Today’s announcement brings the total number of recipients to 96.