New technologies and production methods fueling new economic growth: Joel Mokyr, Philippe Aghion and Peter Howitt awarded Economics Nobel

STOCKHOLM: This year's Nobel Prize in Economics has been awarded to Joel Mokyr, Philippe Aghion and Peter Howitt. Israeli-American Mokyr won the prize "for having identified the prerequisites for sustained growth through technological progress" Frenchman Philippe Aghion and Canadian Peter Howitt are sharing the prize for their contributions to the theory of sustained economic growth through "creative destruction". The prize money is 11 million Swedish kronor (more than Rs. 10,38,50,000). Mokyr will receive half of the prize money. Aghion and Howitt will share the other half. The prize will be awarded in Stockholm on December 10.

Joel Mokyr (79) - Professor at Northwestern University, US.

Philippe Aghion (69) - Professor at the College de France in Paris and the London School of Economics and Political Science.

Peter Howitt (68) - Professor at Brown University, US.

Research that has helped improve living standards

The trio explained how new technologies and production methods are fueling new economic growth. They also examined what conditions are needed for this growth to continue. Their research has helped provide a better standard of living, health and quality of life for billions of people around the world. At the same time, the academy pointed out that the winners' studies make it clear that progress is not guaranteed and that we must be aware of the challenges to sustaining growth.

Europe should learn from China and the US: Nobel laureate

Philippe Aghion warned Europe that it must reconcile competition and industrial policy to remain a technological leader. In his view, the U.S. and China have already found ways to integrate these elements to drive innovation and economic growth, while Europe's strict competition policy has prevented it from effectively implementing industrial strategies. He was speaking to the media after the Nobel announcement. He also suggested that Europe should try to integrate industrial policy in critical areas such as defence, climate, AI and biotech.