This year's Nobel laureates in economics, who won honors for demonstrating the importance of societal institutions for a country's prosperity, were united in pointing to South Korea as a model of economic success.

At an online press conference Monday, Daron Acemoglu at the Massachusetts Institute of Technology(MIT) said the two Koreas were on a par before the division of the peninsula, but diverged in terms of institutions and over time, a more than tenfold difference had built up.

Acemoglu's fellow Nobel laureate and MIT colleague Simon Johnson said although the country's growth and democratization has not been "an easy journey," the economy is in much better shape now and South Korea has made remarkable achievements. 

In an interview with Yonhap News Agency, another Nobel laureate, James Robinson at the University of Chicago, called South Korea "one of the most remarkable economic success stories in world history," crediting inclusive institutions that offer broad-based opportunities and incentives.

Looking ahead, Acemoglu said South Korea is facing a "very difficult transition," with challenges such as a rapidly aging population and an economy dominated by large corporations. 

Openness to new ideas and new technologies will be very important, he said.