Summary
Three researchers won the Nobel Prize in Economics for their work on technology, economic growth, and a concept called "creative destruction." These researchers are Joel Mokyr, Peter Howitt, and Philippe Aghion. They studied how technological changes drive economic developments and how societies can handle these changes.
Key Facts
- The Nobel Prize in Economics was awarded to Joel Mokyr, Peter Howitt, and Philippe Aghion.
- They are recognized for their work on technology and economic growth.
- The concept of "creative destruction" involves old technologies being replaced by new ones.
- The winners will share a prize of 11 million Swedish kronor, around $1.2 million.
- Joel Mokyr is known for his theory on technological change and economic growth over two centuries.
- Howitt and Aghion expanded on Mokyr's work, focusing on "creative destruction."
- The winners received their doctorate degrees from U.S. universities.
- During the awards, there was a caution about protectionist trade policies impacting growth.
