Khaberni - Today, the Royal Swedish Academy of Sciences in Stockholm announced the awarding of the Nobel Prize in Economic Sciences to Professor Joel Mokyr, Professor Philippe Aghion, and Professor Peter Howitt.
This comes in recognition of their contributions to explaining the role of innovation and technological progress in achieving sustainable economic growth, according to the Nobel Committee.
The three economists were given the award for their explanation of economic growth through innovation, where Mokyr identified the essential conditions for sustainable growth through technological progress, while Aghion and Howitt developed the theory of sustainable growth through creative destruction.
Background about the winners
Professor Joel Mokyr is 79 years old and serves as a professor at Northwestern University in Illinois, USA. Professor Philippe Aghion is 68 years old and holds prestigious teaching positions at the College de France, INSEAD, and the London School of Economics, while Professor Peter Howitt, 78, serves as a professor at Brown University in Rhode Island, USA.
The prize amount is 11 million Swedish kronor (approximately $990,000), with Professor Mokyr receiving half of the amount, while Professor Aghion and Professor Howitt share the other half.
