Nobel Prize in Economics Awarded to Experts in Technological Growth

Three experts in the power of technology to drive economic growth have been awarded the Nobel Prize in Economics for their pioneering work in explaining "innovation-driven economic growth." Joel Mokyr of Northwestern University, Philippe Aghion of the Collège de France, Insead business school, and the London School of Economics, and Peter Howitt of Brown University have been recognized for their research on technological progress and creative destruction.

As countries around the world push to turn around years of lackluster economic growth since the 2008 financial crisis, the Royal Swedish Academy of Sciences has emphasized the importance of innovation in green industries and blocking the rise of giant tech monopolies for stronger growth in the future. The prize committee has warned that future economic gains cannot be taken for granted, citing the need to uphold mechanisms that underlie creative destruction.

Key Takeaways:

• The Nobel Prize in Economics has been awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their research on innovation-driven economic growth, with a focus on technological progress and creative destruction.
• Aghion warned that "dark clouds" are gathering due to increasing barriers to trade and openness fueled by Donald Trump's trade wars, and encouraged governments to develop strict competition policies to manage the growth of new tech companies.
• Mokyr won the prize for his research identifying the prerequisites for sustained growth through technological progress, while Aghion and Howitt shared the award for their analysis of creative destruction's role in driving growth.
• The Royal Swedish Academy of Sciences emphasized the importance of innovation in green industries and blocking the rise of giant tech monopolies for stronger economic growth in the future.
• The prize committee warned that future economic gains cannot be taken for granted, citing the need to uphold mechanisms that underlie creative destruction.

Statistics:

• The Nobel Prize in Economics carries a total prize amount of 11m Swedish kronor (£867,000), to be divided equally among the three winners.
• The prize committee noted that technological developments have helped power sustained economic growth over the past two centuries.
• Mokyr's research identified the prerequisites for sustained growth through technological progress, which is key to driving economic growth in the future.
• Aghion emphasized the importance of developing strict competition policies to manage the growth of new tech companies and prevent the rise of giant monopolies.

Sources:

• "AFP - By Richard Partington, Senior Economics Correspondent" (The Guardian)
• [Reference not provided in the original text]