This year's winners of the Alfred Nobel Prize in Economic Sciences are Joel Mokyr, Philippe Aghion and Peter Howitt. They were honoured for their research explaining innovation-driven economic growth.
What is their research about?
The researchers show which mechanisms of innovation and creative destruction underlie economic growth. Understanding and promoting these mechanisms is a prerequistite for sustained growth.
Why is this important?
The research by Mokyr, Aghion and Howitt makes it clear that sustained growth cannot be taken for granted. In order to ensure stable growth and thus prosperity, it is important to protect knowledge creation, research and development and competition that promotes innovation.
Congratulations to the winners!
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