This year, three distinguished economists—Yewell Mokior, Philippe Aghion, and Peter Howitt—have been awarded the Nobel Prize in Economics. Their main contribution lies in analyzing and theoretically explaining the concept of “innovation-driven growth.”
On Monday, at 3:45 PM local time, the Royal Swedish Academy of Sciences in Sweden announced the names of the three researchers. The Academy stated in its press release that the award was given for explaining how an economy can achieve long-term sustainable growth through technological innovation and creative advancement.
Half of the prize went to Yewell Mokior, who identified the prerequisites for growth through technological progress. The other half was jointly awarded to Philippe Aghion and Peter Howitt, who demonstrated through the theory of “Creative Destruction” how new innovations replace old technologies, thereby energizing the economy.
This theory plays a crucial role in understanding economic development from the Industrial Revolution to the modern technology-driven global economy.
The official name of the Nobel Prize in Economics is the “Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel,” which was established in 1969.
The monetary value of the prize is 11 million Swedish kronor (approximately 1.2 million US dollars).
It is worth noting that the winners of this year’s Nobel Prizes in Medicine, Physics, Chemistry, Literature, and Peace were announced last week.