Three authors of the Nobel Prize in Economics, including "Why the State Fails."

This year's Nobel Prize in Economics went to scholars who studied the wealth gap between countries, including the author of Why Countries Fail.

The Nobel committee said it has co-selected three people from Massachusetts Institute of Technology (MITU) and Professor Simon Johnson and Professor James Robinson from the University of Chicago as winners of this year's economics award.

The Nobel Committee explained that closing the income gap between countries is one of the biggest challenges of our time, and the winners have demonstrated the importance of social institutions to achieve this.

Professor Asemorlu and Professor Robinson analyzed the system and its formation process that lead to the gap in prosperity between countries through their book Why Countries Fail.

With the announcement of the winner of the economics award, this year's Nobel Prize announcement, which began with the physiological medicine award on the 7th, has been completed.

The Nobel Prize ceremony will be held on Dec. 10, Alfred Nobel's anniversary.