This year’s winners of the Nobel Prize for Economics, Daron Acemoğlu, Simon John-son and James A. Robinson, have empirically worked out the role of institutional rules for the economic success of a country, implicitly following what is also known as Ordnungspolitik. The authors rightly emphasize the importance of property rights and all the other rules of a country’s civil law.
Institutional policies are more important than fiscal policies which aim at inducing the desired behavior of economic subjects by designing pecuniary incentives.
In 2015, Acemoğlu had been awarded the annual prize of the Distinguished CES Fellow. At the time, Hans-Werner Sinn, then director of CES, predicted the Nobel Prize in his speech. See Hans-Werner Sinn's speech, minute 04:04 - 06:15 (from 05:21 in English)