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The Nobel Prize in Economics goes to prosperity researchers

by THEFUTURE.TEAM

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.

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.

Economist’s 22nd Cyprus Summit To Bring Political And Business Leaders To Nicosia On 9–10 November

by News Editor

Overview

The 22nd Annual Cyprus Summit, organised by Economist Enterprise, will take place on 9–10 November 2026 at The Landmark Nicosia, bringing together political leaders, European policymakers, business executives and international experts to discuss the economic and geopolitical challenges facing Cyprus and the wider eastern Mediterranean.

Under this year’s theme, “A Strategic Gateway for Regional Co-operation,” the two-day conference will examine Cyprus’s position in a changing international environment, with discussions covering investment, energy security, artificial intelligence, financial technology and Europe’s economic competitiveness.

President Nikos Christodoulides is scheduled to deliver the official opening address on Monday, 9 November, focusing on stability and resilience in the eastern Mediterranean and Cyprus’s role in the region.

The programme will also feature senior representatives from European institutions, international organisations and the private sector.

What To Expect

The summit will examine how geopolitical developments, technological change and economic pressures are affecting business and policymaking in Cyprus and across Europe.

The first day, Monday, 9 November, will focus primarily on international relations, investment and energy.

An opening discussion led by John Peet, associate editor of special reports at The Economist, and Joan Hoey, Europe consultant at the Economist Intelligence Unit, will consider the economic and political outlook for Cyprus and the eastern Mediterranean.

A session titled “Investing in Turbulent Times: Make It Simple” will examine how Europe can attract investment, reduce barriers to growth and strengthen its economic resilience.

The programme will also address US-Cyprus relations, diplomatic efforts in the Middle East and Europe’s evolving foreign policy priorities.

Energy will feature prominently, including discussions on regional energy security and the Great Sea Interconnector, the proposed electricity connection between Greece, Cyprus and Israel. Speakers will examine the project’s commercial viability and the geopolitical challenges associated with its development.

On Tuesday, 10 November, attention will turn to issues including the Cyprus problem, healthcare resilience, artificial intelligence, fintech and workforce development.

The session “AI: Driving Growth or Deepening Inequality?” will consider the economic opportunities created by artificial intelligence alongside concerns about employment, unequal access to technology and the distribution of its benefits.

A separate fintech discussion, “Smart Finance: The Fintech Era,” will explore how technological developments are affecting banking and financial services.

The conference will conclude with a discussion on preparing the workforce for an AI-driven economy, including the relationship between education, skills development and future employment needs.

Speaker Line-Up

The programme includes senior political figures, policymakers and business representatives from Cyprus and abroad.

Among the announced participants are:

  • Nikos Christodoulides, President of the Republic of Cyprus
  • HRH Prince El Hassan bin Talal of Jordan, joining remotely
  • Sir Julian King, former European commissioner for the security union
  • Ehud Olmert, former prime minister of Israel
  • Amre Moussa, former secretary-general of the League of Arab States
  • Ioannis Tsakiris, vice-president of the European Investment Bank
  • Constantinos Kombos, Cyprus’s minister of foreign affairs
  • Michael Damianos, Cyprus’s minister of energy, commerce and industry
  • Nicodemos Damianou, Cyprus’s deputy minister of research, innovation and digital policy
  • Evgenios Evgeniou, chairman of Invest Cyprus
  • Stavros Stavrou, president of the Cyprus Chamber of Commerce and Industry
  • Andreas Yiasemides, chief executive and chairman of PwC Cyprus

The business and technology discussions will also feature representatives from financial services and investment, including Lucia Pecchini, secretary-general of the European FinTech Association, Ornit Shinar, managing partner at Sanchi Capital, and executives from ECOMMBX and Capital.com.

Other announced speakers include Athena Michaelidou, Cyprus’s minister of education, sport and youth, and Manuela Geleng, director for jobs and skills at the European Commission’s Directorate-General for Employment, Social Affairs and Inclusion.

Who Should Attend

The summit is particularly relevant to business leaders, investors, entrepreneurs, financial services professionals, policymakers and executives working in sectors affected by regional economic and technological developments.

Its discussions on investment, AI, fintech and energy may be of particular interest to Cyprus-based businesses considering international expansion, technological investment or new financing opportunities.

The conference also offers an opportunity to follow discussions on the policies and international relationships affecting Cyprus’s economic development.

Date And Venue

Dates: Monday, 9 November and Tuesday, 10 November 2026

Venue: The Landmark Nicosia, 98 Archbishop Makarios III Avenue, 1077 Nicosia

Programme:

  • Monday, 9 November: Registration begins at 08:15, followed by the opening sessions at 08:45.
  • Tuesday, 10 November: Registration begins at 08:45, with the conference programme scheduled to conclude at 15:30.

The programme includes keynote addresses, panel discussions and networking lunches.

How To Attend

Those interested in attending can submit an enquiry through the official 22nd Annual Cyprus Summit website.

About The Annual Cyprus Summit

The Annual Cyprus Summit is part of the international conference programme associated with The Economist, bringing together representatives from government, business and international institutions to discuss developments affecting Cyprus and its regional partners.

The 2026 edition is centred on the country’s potential role in strengthening cooperation between Europe and the eastern Mediterranean, with particular attention to geopolitical stability, competitiveness, investment and technological development.

Further information, including the full agenda, is available through Economist Enterprise.

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