Nobel Laureate Prof. Joel Mokyr Explores the Causes of Sustained Economic Growth

Strategic Insights -

Prof. Joel Mokyr, a renowned economist and historian, has been awarded the Nobel Prize in Economics, alongside Professors Philippe Aghion and Peter Howitt, for shedding light on the factors driving sustained economic growth. Mokyr's research highlights the importance of societal openness to change, useful knowledge, mechanical competence, and institutions conducive to technological progress. Born in the Netherlands and raised in Israel, Mokyr holds a doctorate from Yale University and has been a professor at Northwestern University since 1994.

Key Takeaways:

  • Prof. Mokyr's theory on sustained economic growth emphasizes three crucial factors: useful knowledge, mechanical competence, and institutions conducive to technological progress.
  • Mokyr believes that societal openness to change is a key driver of sustained growth, citing Europe as the only region in history that has developed a concept of progress.
  • He warns that the benefits of technological progress are not evenly distributed, citing concerns about the rising nationalist, conservative, and xenophobic movements in response to perceived inequality.
  • Mokyr notes that life expectancy and infant mortality rates have dramatically improved over the past century, with most industrialized countries now having life expectancies over 80.
  • He attributes the decline of poverty in many countries, particularly in Europe, to effective solutions to poverty, citing examples like Zurich, Dublin, and Paris.
  • Mokyr expresses optimism about technological advancements but is less confident in the survival of democracy and open institutions, citing historical precedents and the rise of nationalist movements.

Statistics:

  • Life expectancy in most industrialized countries is over 80.
  • Infant mortality is practically zero in most countries.
  • Half of children born in large parts of the world 150 years ago did not reach adulthood.
  • Life expectancy was less than 40 in many parts of the world 150 years ago.
  • Most human societies throughout history have not believed in the concept of progress.

Sources:

  • "Globes, Israel business news en.globes.co.il" (October 13, 2025)
  • "The Nobel Prize in Economics 2025" (exact citation not provided in source material)