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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.

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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

Famagusta Bets On Sports, Culture And New Air Links To Extend Its Tourist Season

by THEFUTURE.TEAM

October 6, 2026

For decades, the Free Famagusta district has pursued one strategic objective: to extend its tourism season beyond the summer months. The stakes are high. As the region with the largest share of Cyprus’ tourist beds — accounting for 42% nationwide — any progress in lengthening the season would deliver meaningful gains for the local economy and the island’s broader tourism model.

Ayia Napa and Protaras operate at full capacity for roughly six months during a strong season, with hotels, restaurants and leisure businesses running at peak intensity. Yet the challenge remains clear. In October 2025, a record year for Cypriot tourism, only 20% of total arrivals were directed to the Free Famagusta district. That gap underscores the scale of the opportunity.

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A Unified Regional Strategy

Local stakeholders have spent years trying to attract more visitors during the colder months, but results have been uneven. One factor was the long-standing rivalry between Ayia Napa and Protaras, which until recently competed more than they cooperated. Since the summer of 2024, however, the two municipalities have chosen a different path. They have put aside differences and begun coordinating their efforts, creating new momentum for the region’s tourism sector.

Today, the focus is on strengthening the area’s offering in a more integrated way, with the long-term aim of gradually extending the tourism season and attracting both Cypriot and international visitors.

Why Year-Round Tourism Takes Time

Officials involved in the strategy say there is no quick fix. George Tofinis, chairman of the Famagusta Regional Tourism Board, said the push for year-round tourism requires time, planning, incentives and close cooperation between the public and private sectors.

“It is a strategy that needs time, proper planning, incentives and collaboration between the public and private sectors, and it certainly cannot be achieved overnight,” he said.

The approach centers on a broader mix of activities designed to diversify demand. These include international sporting events, cultural productions, festivals, concerts, Christmas programming and outdoor experiences tied to the region’s nature and inland communities. According to Mr. Tofinis, the initiatives launched in recent years show that the destination is gradually being upgraded with new experiences and events.

Air Connectivity And Regional Cooperation

A key part of the plan for 2027 is deeper cooperation between the tourism authorities and hotel operators of Famagusta and Larnaca. The two sides are in discussions with Hermes Airports and major travel organizers to secure more flights in March and November. If successful, the move could extend the tourism season by around two months.

At the same time, a coordinated digital campaign promoting the Famagusta district in foreign markets is being implemented for a third consecutive year. For 2026, it will continue through the autumn and part of the winter, reflecting a calculated effort to capture both last-minute bookings for the shoulder season and early demand for summer 2027.

The campaign is led by the Famagusta hotel association, in close cooperation with the regional tourism board and with financial support from the municipalities of Ayia Napa and Paralimni-Deryneia, Bank of Cyprus, and local hoteliers.

According to Panagiotis Constantinou, chairman of the Famagusta hotel association, dozens of accommodations in Protaras and Ayia Napa will remain open until the end of November this year, while only a limited number of hotels are expected to operate during winter. He added that as efforts intensify and visitor numbers improve, more properties will stay open for longer periods.

“What is needed,” he said, “is support from the state as well, because appropriate incentives and mechanisms are essential to sustain these initiatives.”

Sport As A Tourism Product

One of the strongest pillars in the effort to extend the season is sport. Regional leaders see sporting events — as well as team training camps during the winter — as a significant source of visitor traffic. Mr. Tofinis said sport is now being treated not merely as a parallel activity, but as a tourism product in its own right.

This year’s calendar features several prominent events. The first Cablenet Famagusta Run will take place in Protaras on October 11, while the SwimRun is scheduled for October 17-18, 2026. The 4th International Dragon Boat Regatta will be held at Ayia Napa Marina on October 10-11, and OceanMan will return to Ayia Napa from November 6-8, 2026.

Winter programming continues with the 4th International Winter Swimmers Festival, set for January 16-19, 2027, in Ayia Napa.

Football remains another reliable winter draw, particularly in Ayia Napa, where tournaments and team preparations from January through April continue to bring in visitors. In March, the 3rd Elite Neon Cup, scheduled for March 13-15, 2027, will add another international event to the calendar. Combined with the long-running academy tournament hosted annually in Ayia Napa, it is expected to attract hundreds of guests during a period when tourism activity is typically subdued.

Also on the schedule is the 6th Run4Autism, to be held in Ayia Napa on March 28, 2027.

Culture, Heritage And Nature As Growth Drivers

Beyond sport, the region’s leaders point to culture, history and nature as critical tools for attracting visitors during slower periods. The Medieval Festival of Ayia Napa remains one of the district’s signature events and will take place from October 14 to 18, 2026, drawing visitors from multiple countries.

Another major event, Cyprus Rocks, is currently being held in the Pernera area of Paralimni and runs until October 6.

From November 7 to January 7, 2027, Ayia Napa Biennale will also take place. Meanwhile, the Thalassa Municipal Museum is planning a series of family-focused activities throughout November and December.

From November, the Endless Sun program will resume and run through March. Delivered by the Famagusta Regional Tourism Board, the initiative aims to deepen the visitor experience by connecting guests with the roots, culture and traditions of the inland areas.

The direction is clear: Famagusta is no longer relying solely on summer sun and beach tourism. By combining events, air connectivity, digital marketing and destination cooperation, the district is building a more resilient tourism model — one that could eventually keep visitors arriving well beyond the traditional high season.