Breaking news

The Nobel Prize in Economics goes to prosperity researchers

by THEFUTURE.TEAM

October 14, 2024

Darren Acemoglu, Simon Johnson and James A. Robinson received this year’s Nobel Prize in Economic Sciences for their contributions to proving the importance of public institutions to a country’s prosperity.

KEY FACTS

The prestigious prize, officially known as the Sveriges Riksbank Prize for Economic Sciences in Memory of Alfred Nobel, is the last prize awarded this year and is worth SEK 11 million ($1.1 million).
This year’s laureates showed that one of the explanations for differences in countries’ prosperity is the social institutions introduced during European colonization. Inclusive institutions were often introduced in countries that were poor at the time of colonization, which over time led to general prosperity for the population. This is an important reason why former colonies that were once rich are now poor and vice versa.
Introducing inclusive institutions would create long-term benefits for everyone, but extractive institutions provide short-term gains for those in power. As long as the political system ensures they retain their control, no one will trust their promises of future economic reforms. According to the laureates, this is the reason why there is no improvement.
“Reducing the huge income gaps between countries is one of the greatest challenges of our time. The laureates have demonstrated the importance of public institutions in achieving this,” said Jakob Svensson, Chairman of the Economic Sciences Prize Committee.
“Societies with poor rule of law and institutions that exploit the population do not generate growth or change for the better,” the prize’s organizers add on their website.

TANGENT

Darren Acemoglu and Simon Johnson work at MIT, while James Robinson is at the University of Chicago.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Acemoglu and Johnson recently collaborated on a book researching technology through the ages that demonstrates how some technological advances are better at creating jobs and spreading wealth than others.

KEY STORY

The Economics Prize is not one of the original science, literature and peace prizes created by the will of dynamite inventor and businessman Alfred Nobel and first awarded in 1901, but is a later additional prize established and funded by the Central Bank of Sweden in 1968.

Past recipients of the award include a number of influential thinkers such as Milton Friedman, and John Nash – played by actor Russell Crowe in the 2001 film A Beautiful Mind, and former US Federal Reserve Chairman Ben Bernanke.

Last year, Harvard economic historian Claudia Goldin won a prize for her work highlighting the causes of pay and labor market inequality between men and women.

The Future Forbes Realty Global Properties

Cyprus Leads EU With Highest Per Capita Greenhouse Gas Footprint In 2023

by THEFUTURE.TEAM

February 20, 2026

Cyprus Tops The Emissions List

New Eurostat data shows that Cyprus recorded the highest per-capita greenhouse gas footprint in the European Union in 2023. The country reported 14.8 tonnes of carbon dioxide equivalent per person, well above the EU average of 9.0 tonnes. The figures highlight the impact of consumption patterns and imported goods on national emissions.

Overview Of 2023 Emissions Data

According to the report, the greenhouse gas footprint linked to goods and services consumed within the EU averaged 9.0 tonnes per person in 2023, down from 10.0 tonnes in 2022. The consumption-based metric measures emissions generated across entire supply chains, regardless of where production takes place.

Contrasting Emissions Across Member States

Cyprus recorded the highest level at 14.8 tonnes per capita, followed by Ireland at 14.0 tonnes and Luxembourg at 12.7 tonnes. At the lower end of the scale, Portugal reported 6.5 tonnes per capita, with Bulgaria, Sweden, and Romania also recording comparatively low figures. The differences reflect varying consumption patterns and the carbon intensity of imported goods and services.

Consumption Versus Production Emissions

Across the EU, the greenhouse gas footprint tied to consumption reached 4.0 billion tonnes of CO2 equivalent in 2023, compared with production-based emissions of 3.3 billion tonnes. The gap illustrates how imported goods contribute to overall emissions. Over the past decade, consumption-based emissions declined by 12.9%, while production-based emissions fell by 18.6%, partly influenced by the economic slowdown during the 2020 pandemic.

Implications For Policymakers And Business Leaders

The data suggests that emissions strategies increasingly need to address both domestic production and consumption patterns. For Cyprus, this means looking beyond local energy reforms to examine the carbon footprint of imported products and supply chains. Businesses and policymakers may need to consider broader sustainability measures that reflect how goods are produced and consumed.

As the EU continues to strive for reduced emissions, this report serves as a vital resource. It illustrates the progress in lowering production emissions while drawing attention to the substantial challenge posed by the consumption-based footprint. In the evolving realm of environmental policy, these insights are indispensable for steering future initiatives on a path towards greater sustainability.