Nobel Economics Prize Winners
Joel Mokyr, Philippe Aghion, and Peter Howitt have been awarded the Nobel Memorial Prize in Economics.
They were recognized for their work on innovation-driven economic growth.
- Joel Mokyr - Northwestern University
- Philippe Aghion - College de France and the London School of Economics
- Peter Howitt - Brown University
The Nobel committee stated that Mr Mokyr "demonstrated that if innovations are to succeed one another in a self-generating process, we not only need to know that something works, but we also need to have scientific explanations for why"
Mr Aghion and Mr Howitt also studied the mechanisms behind sustained growth, including the concept of "creative destruction", where new and better products lead to the decline of older products.
Author's summary: Trio wins Nobel economics prize for innovation studies.