This year’s Nobel Prize in economics recognised the contributions of Daron Acemoglu, Simon Johnson and James Robinson in uplifting our understanding of the role of institutions in underpinning economic growth. They tell us that inclusive institutions – those that distribute rights and economic gains across a broad swathe of the population – underpin prosperous economies.

This is because prosperity ultimately depends on the behaviour of people. To embed incentives for education, innovation, and endeavour, people need confidence in the institutions that govern them, and the belief that they can build a meaningful life, no matter the cards they are dealt.