Nobel Economics Prize Goes To Mokyr, Aghion And Howitt For Explaining ‘Innovation-Driven’ Economic Growth

Stockholm: Joel Mokyr, Philippe Aghion and Peter Howitt won the Nobel Memorial Prize in Economics on Monday for "having explained innovation-driven economic growth".

Mokyr is from Northwestern University, Aghion from the College de France and the London School of Economics, and Howitt from Brown University. The Nobel committee said 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."

Aghion and Howitt also studied the mechanisms behind sustained growth, including in a 1992 article in which they constructed a mathematical model for what is called creative destruction: When a new and better product enters the market, the companies selling the older products lose out.

"The laureates’ work shows that economic growth cannot be taken for granted. We must uphold the mechanisms that underly creative destruction, so that we do not fall back into stagnation," said Hassler, Chair of the Committee for the prize in economic sciences.

Last year's award went to three economists — Daron Acemoglu, Simon Johnson and James A Robinson — who studied why some countries are rich and others poor and have documented that freer, open societies are more likely to prosper. The economics prize is formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. The central bank established it in 1968 as a memorial to Nobel, the 19th-century Swedish businessman and chemist who invented dynamite and established the five Nobel Prizes. Since then, it has been awarded 56 times to a total of 96 laureates. Only three of the winners have been women.

Nobel purists stress that the economics prize is technically not a Nobel Prize, but it is always presented together with the others on December 10, the anniversary of Nobel’s death in 1896. Nobel honours were announced last week in medicine, physics, chemistry, literature and peace.

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