Nobel in Economics - why are some countries wealthy, ,others poor?

 This is a summary paper about the Nobel winners in economics (2 from MIT, 1 from U. of Chicago), who contribute to our understanding of how and why some countries such as the USA have accumulated massive wealth, while many other countries have not and whose citizens are sometimes desperately poor. 

Generally, it largely depends on the types of institutions developed in a country - the more inclusive the institutions, such as in countries leaning towards or practicing democracy, the more wealth is generated and the higher the GDP per capita. If institutions are extractive, such as in oligarchies and authoritarian countries, the less wealth per citizen, and whatever wealth there is tends to be concentrated with the few in power.