Summary
The Nobel Prize in economics was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their research on how technology affects long-term economic growth. Mokyr used historical data to study technological changes during the Industrial Revolution, while Aghion and Howitt developed a theory on how new innovations replace old ones in the market, a concept known as "creative destruction."
Key Facts
- The Nobel Prize in economics focused on technology's role in economic growth.
- Joel Mokyr, Philippe Aghion, and Peter Howitt received the award.
- Mokyr analyzed historical records to study the Industrial Revolution's impact.
- Aghion and Howitt worked on the concept of "creative destruction."
- The prize split an 11 million Swedish kronor award, roughly $1.2 million.
- The economics Nobel is not one of the original five Nobels; it was established in 1968.
- The Royal Swedish Academy of Sciences announced the award.
- The prize marks the end of the current year's Nobel recognition events.
