Oct. 13 (UPI) -- Three economists will split the Nobel Prize in economic sciences for their work on economic growth through innovation and technological progress, the Royal Swedish Academy of Sciences announced Monday.
One half of the $1.17 million prize will go to Joel Mokyr, a Dutch-born professor at Northwestern University in Illinois. The Nobel Committee awarded him for his work using historical evidence to explain that in order for innovation to fuel sustained economic growth, humans need to have scientific explanations for why these innovations work.
"The latter was often lacking prior to the industrial revolution, which made it difficult to build upon new discoveries and inventions," a statement from the committee said. "He also emphasized the importance of society being open to new ideas and allowing change."
A team of two economists -- French-born Philippe Aghion and Canadian-born Peter Howitt -- will split the second half of the prize. Together, they explored the mechanisms behind sustained economic growth.
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