Champions of Creative Destruction: Nobel Triumph in Economics

Joel Mokyr, Philippe Aghion, and Peter Howitt's groundbreaking research on innovation and economic growth earned them the prestigious Nobel Memorial Prize in economics. Their work centers on the transformative concept of 'creative destruction,' highlighting how new technologies continuously replace older ones, driving economic progress.

Mokyr, an economic historian, employs historical sources to examine long-term trends, while Aghion and Howitt use mathematical models to explain the underpinning mechanisms of 'creative destruction.' This convergence of methods offers fresh insights into sustaining economic growth.

The Nobel committee underscored the significance of their research, attributing it to a clearer understanding of the creative forces that spur economic advancement, a notion closely aligned with Joseph Schumpeter's classic economic theories.

(With inputs from agencies.)