3 economists get Nobel for work on creative destruction

Researchers explain the concept of innovation-driven economic growth

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Joel Mokyr, Philippe Aghion and Peter Howitt won the Nobel memorial prize in economics yesterday for “having explained innovation-driven economic growth”, including the key principle of creative destruction.

The trio represent complementary approaches. 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.