Nobel Prize in Economics Awarded for Research on Technological Innovation
Joel Mokyr, Philippe Aghion, and Peter Howitt have been awarded the Nobel Memorial Prize in Economics for their work on how technological innovation drives economic growth and creative destruction.
- Joel Mokyr of Northwestern University
- Philippe Aghion of the College of France and the London School of Economics
- Peter Howitt of Brown University
The trio will share the prize money of 11 million Swedish kroner, approximately $1.2 million. Notably, all three researchers were born outside the United States but received their doctorates from universities in the U.S.
Their research focuses on how cycles of technological innovation fuel economic growth.
Mokyr's pioneering theory explains how technological change and improvement have contributed to two centuries of growth and higher living standards.
Author's summary: Nobel Prize awarded to three economists for research on technological innovation and economic growth.