Joel Mokyr, Philippe Aghion and Peter Howitt have been awarded the Nobel Prize in Economics for their groundbreaking work.
Their research focused on how innovation drives economic growth, introducing and explaining the important concept of "creative destruction."
The three Nobel laureates used different but complementary methods in their research.
As per CNN, Mokyr, as an economic historian, studied long-term economic trends through historical records while Howitt and Aghion used mathematical models to explain the process of creative destruction and how it drives economic growth.
The Nobel committee said Mokyr “demonstrated that if innovations are to succeed one another in a self-generating process, we not only need to know that something works, but we also need to have scientific explanations for why.”
“The laureates’ work shows that economic growth cannot be taken for granted. We must uphold the mechanisms that underlie creative destruction, so that we do not fall back into stagnation,” said John Hassler, chair of the committee for the prize in economic sciences.
The Nobel Prize in Economics, worth 11 million Swedish kronor (about $1.2 million) is being split with half awarded to Mokyr and the other half shared between Aghion and Howitt.
In addition to the prize money, the winners also receive an 18-carat gold medal and a diploma.
