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Tiny Cyprus, with a population of a little more than 1 million nationals, leads the per capita ranking of Nobel Prizes for economics (the average value is given by the red line in the chart). Such a performance appeared, in a not far-away past, to be in tune with the apparent prosperity of Cyprus' economy, capable of delivering enviable growth, thanks mainly to a plethora of dubious but exportable financial services.
This was until 2012, when the whole set up collapsed, plunging the republic into a deep financial crisis requiring emergency foreign aid to avoid imminent bankruptcy, placing the State under a de-facto European Union colonial protectorate rule. On this occasion, Cyprus had the infamous privilege of inaugurating legislation allowing European financial authorities to force bank account holders to rescue the very banks that had ripped them off. It should be noted that the medicine chosen by the Cypriot power clique to try and restore the country's economy and finances totally ignored, and even flew in the face of the warnings and recommendations by Christopher Pissarides, the Cypriot Nobel prize winner himself, according to whom the only path to salvation should consist of throwing overboard the Euro currency. But that would amount to subvert the ordoliberal government of the European Union, something that the latter could never accept. Nobelized or not nobelized, heretics should be silenced, at least ignored.
Norway too, another small country, delivers an outstanding performance by the per capita metric. It is debatable though whether Norway's economic performance, definitely brighter than Cyprus', should be credited to the brainpower of its economists — the country's oil and fishing resources are more likely to deserve the credit.
|Country||Number ¹||Population 2017||Per capita|
|² Former Soviet Union appears as Russia.|