Nobel economics prize goes to 3 researchers for explaining innovation-driven economic growth

STOCKHOLM AP Joel Mokyr Philippe Aghion and Peter Howitt won the Nobel memorial prize in economics Monday for having explained innovation-driven economic upsurge Mokyr is from Northwestern University Aghion from the College de France and the London School of Economics and Howitt from Brown University The Nobel committee commented Mokyr 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 Aghion and Howitt also studied the mechanisms behind sustained enhancement including in a article in which they constructed a mathematical model for what is called creative destruction When a new and better product enters the area the companies selling the older products lose out The laureates work shows that economic rise cannot be taken for granted We must uphold the mechanisms that underly creative destruction so that we do not fall back into stagnation explained Hassler Chair of the Committee for the prize in economic sciences Last year s award went to three economists Daron Acemoglu Simon Johnson and James A Robinson who studied why particular countries are rich and others poor and have documented that freer open societies are more likely to prosper The economics prize is formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel The central bank established it in as a memorial to Nobel the th-century Swedish businessman and chemist who invented dynamite and established the five Nobel Prizes Since then it has been awarded times to a total of laureates Only three of the winners have been women Nobel purists stress that the economics prize is technically not a Nobel Prize but it is unfailingly presented together with the others on Dec the anniversary of Nobel s death in Nobel honors were declared last week in medicine physics chemistry literature and peace Corder shared from The Hague Netherlands Source