Joel Mokyr, Philippe Aghion, and Peter Howitt Win Nobel in Economics

Stockholm, Oct 13 (AP) Joel Mokyr, Philippe Aghion, and Peter Howitt have been honored with the Nobel Memorial Prize in Economics this Monday for their groundbreaking work in "explaining innovation-driven economic growth." Mokyr represents Northwestern University, Aghion hails from the Collège de France and the London School of Economics, while Howitt is affiliated with Brown University.

The Nobel committee highlighted Mokyr’s pivotal role in illustrating that for innovations to continuously succeed each other in a self-propelled cycle, it is essential not only to know that something works but also to possess scientific explanations for its functionality. In parallel, Aghion and Howitt delved into the mechanics of sustained growth, notably through their 1992 article, which introduced a mathematical model of creative destruction.This model articulates how new and improved products entering the market can detrimentally impact companies dealing in outdated technology.

In the words of the committee’s chair, Hassler, "The work of the laureates makes it clear that economic growth must not be assumed. It is imperative to uphold the mechanisms underlining creative destruction to avoid an economic stall."

The previous year's prize recognized Daron Acemoglu, Simon Johnson, and James A. Robinson for exploring the wealth disparity among nations and documenting the prosperity of freer and more open societies.

Formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, the economics award originated in 1968, conceived by Sweden's central bank to honor Nobel—a Swedish businessman and chemist renowned for inventing dynamite and instituting the five Nobel Prizes in the 19th century.

Since its inception, the prize has been conferred 56 times, celebrating 96 laureates, of whom only three have been women.

It's crucial to note that while the economics prize is technically not a true Nobel Prize, purists argue, it is invariably presented alongside the others on December 10, marking the anniversary of Alfred Nobel’s death in 1896.

As of last week, Nobel announcements have been made in the fields of medicine, physics, chemistry, literature, and peace. (AP) SKS SKS

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