Summary
The Nobel Prize in Economics was awarded to three researchers for their work on how technological innovation drives economic growth. Joel Mokyr, Peter Howitt, and Philippe Aghion will share about $1.2 million. Their theories focus on how new technology boosts growth and the concept of creative destruction, where new advancements replace old ones.
Key Facts
- Joel Mokyr, Peter Howitt, and Philippe Aghion won the Nobel Prize in Economics.
- They were recognized for their research on technology's role in economic growth.
- The prize money to be shared is 11 million Swedish kroner, approximately $1.2 million.
- All three researchers earned their doctorates from universities in the United States.
- Their work includes the idea of creative destruction, where new innovations make previous ones obsolete.
- They highlighted the need to manage technological change, such as providing support for workers whose jobs become outdated.
- Aghion warned that protectionist trade policies could hinder economic progress.
- The economics prize was added to the Nobel Prizes to celebrate Sweden's central bank anniversary.