3 share Nobel economics prize

In recognition of their groundbreaking work on how innovation drives long-term economic growth, three economists - Joel Mokyr, Philippe Aghion, and Peter Howitt were awarded the Nobel Memorial Prize in Economic Sciences on Monday.

- Agencies

Their collective research has deepened the understanding of “creative destruction,” a concept that explains how new technologies replace old ones, fueling progress and productivity.

The trio represents distinct yet complementary approaches to the study of economics. Mokyr, 79, a Dutch-born economic historian from Northwestern University, explored long-term trends using historical sources. Aghion, 69, affiliated with the Collége de France and the London School of Economics, and Howitt, 79, from Brown University, relied on mathematical models to explain how creative destruction operates in practice.

When reached by phone as he was about to have his morning coffee, Mokyr expressed surprise at the announcement: “People always say this, but in this case I am being truthful - I had no clue that anything like this was going to happen.”