Nobel economics prize goes to 3 researchers for explaining innovation-driven economic growth

STOCKHOLM: Joel Mokyr, Philippe Aghion and Peter Howitt won the Nobel memorial prize in economics Monday for “having explained innovation-driven economic growth” including the key principle of creative destruction. The winners represent contrasting but complementary approaches to economics. Mokyr is an economic historian who delved into long-term trends using historical sources, while Howitt and Aghion relied on mathematics to explain how creative destruction works.

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