This year, the Nobel Prize in Economics has been awarded to three renowned economists: Joel Mokyr, Philippe Aghion, and Peter Howitt.
Their names were announced on Monday, October 13, by the Swedish Academy.
The trio has been honored for their groundbreaking work in developing and explaining the theory of innovation-driven economic growth.
Half of the prize will be awarded to Joel Mokyr for his contributions to the concept of sustainable growth through technological advancement. His research has shed light on how historical innovations and scientific progress have shaped modern economic development.
The remaining half of the prize will be jointly shared by Philippe Aghion and Peter Howitt for their work on the concept of creative destruction — a central mechanism in modern growth theory that explains how innovation continuously replaces outdated technologies and practices, leading to long-term economic progress.
This recognition highlights the critical role of innovation and technology in driving sustainable economic growth and influencing policy decisions worldwide.
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