Nobel Economics Prize Winners
Joel Mokyr, Philippe Aghion, and Peter Howitt were awarded the Nobel Memorial Prize in Economics for their studies on innovation-driven economic growth.
Mr. Mokyr, from Northwestern University,
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. Mr. Aghion, from the College de France and the London School of Economics, and Mr. Howitt, from Brown University, also researched the mechanisms behind sustained growth.
- Joel Mokyr - Northwestern University
- Philippe Aghion - College de France and the London School of Economics
- Peter Howitt - Brown University
Their work includes a 1992 article where they developed a mathematical model for "creative destruction," describing how new, better products entering the market lead to companies selling older products losing out.
Author's summary: Trio wins Nobel economics prize for innovation-driven growth studies.