Economists Awarded Nobel Prize for Innovation and Economic Growth Research

Joel Mokyr, Philippe Aghion, and Peter Howitt were jointly awarded the Nobel Memorial Prize in Economic Sciences for their extensive research on the profound impact of innovation on economic growth.

The Nobel committee specifically recognized Mokyr for his historical analysis, demonstrating how scientific explanations and mechanisms during the Industrial Revolution fueled successful, self-generating innovations.

Aghion was acknowledged for his significant contributions to shaping French President Emmanuel Macron's economic program, highlighting the practical application of his theories on innovation-driven growth.

The trio's work explored how technology has lifted people out of poverty over the past two centuries, emphasizing the critical role of innovation in achieving sustained economic development globally.

While celebrating their contrasting yet complementary approaches to economics, the laureates also issued a cautionary note that future economic gains driven by innovation are not automatically guaranteed.