3 share Economics Nobel on innovation-driven growth

Joel Mokyr, Philippe Aghion and Peter Howitt won the Nobel Memorial Prize in Economics Monday for their research into the impact of innovation on economic growth and how new technologies replace older ones, a key economic concept known as “creative destruction”.

- ASSOCIATED PRESS

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.

Dutch-born Mokyr, 79, is from Northwestern University (US); Aghion, 69, from the Collége de France and the London School of Economics; and Canadian-born Howitt, 79, from Brown University (US).

Mokyr was still trying to get his morning coffee when he was reached on the phone by an AP reporter, and said he was shocked to win the prize. “People always say this, but in this case I am being truthful —I had no clue that anything like this was going to happen,” he said.