Three share Nobel in economics

The Nobel Memorial Prize in Economic Sciences was awarded Monday to Joel Mokyr of Northwestern University, Philippe Aghion of Collège de France, INSEAD and the London School of Economics, and Peter Howitt of Brown University for their work on how innovation drives economic growth.

- ESHE NELSON

The three economists shared the prize for research that explains the relationship between technological progress and sustained economic growth that has improved living standards, health and quality of life for people around the world. The prize committee said their work would help ensure that growth was maintained and could be steered in the direction to support humankind.

For most of human history, there was very little economic growth, John Hassler, the chair of the prize committee, said in a ceremony announcing the award. Despite important discoveries that improved living conditions, growth levelled off. But over the past two centuries, that changed. “Sustained economic growth, driven by a continuous stream of technological innovations and improvements, has replaced stagnation,” Mr Hassler said.