"The Royal Swedish Academy of Sciences announced on Monday that the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2025 would be shared among American-Israeli Joel Mokyr, France's Philippe Aghion and Canada's Peter Howitt for having explained innovation-driven economic growth. The award was based on the idea that vast numbers of people have been lifted out of poverty over the past two centuries as the world has seen sustained economic growth with technology the underlying cause."
"Mokyr, a professor at Northwestern University in the United States, won half of the prize for using historical records to identify what changed during the Industrial Revolution. His research showed lasting growth depends on grasping why technologies function, not merely observing that they do. Before that understanding developed during the Industrial Revolution, it was difficult to build upon new discoveries and inventions."
The Royal Swedish Academy of Sciences awarded the 2025 Sveriges Riksbank Prize in Economic Sciences to Joel Mokyr, Philippe Aghion and Peter Howitt for explaining innovation-driven economic growth. The prize credits technology as the underlying cause of sustained economic growth that lifted vast numbers out of poverty over two centuries, replacing historical stagnation. Mokyr won half for using historical records to identify changes during the Industrial Revolution and showing that lasting growth requires understanding why technologies function. Aghion and Howitt share the other half for a mathematical framework of creative destruction describing how new products replace old ones. The prize totals 11 million Swedish kronor.
Read at www.aljazeera.com
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