The trio who won the Nobel Memorial Prize in Economic Sciences for their work on innovation, growth, and 'creative destruction' are:

 


The trio who won the Nobel Memorial Prize in Economic Sciences for their work on innovation, growth, and 'creative destruction' are:

 * Joel Mokyr (Northwestern University)

 * Philippe Aghion (Collège de France, INSEAD, and London School of Economics)

 * Peter Howitt (Brown University)

Key Contributions

The laureates were recognized for "having explained innovation-driven economic growth," with their work focusing on different, yet complementary, aspects:

 * Joel Mokyr was awarded for identifying the prerequisites for sustained growth through technological progress, using his research in economic history to show how a continual flow of useful knowledge and a society open to change are essential.


 * Philippe Aghion and Peter Howitt shared the other half of the prize for developing the theory of sustained growth through creative destruction. They constructed a mathematical model showing how new innovations constantly replace older technologies and products, a process that is both creative (introducing new and better things) and destructive (making old firms and jobs obsolete), yet ultimately drives long-term economic growth.

The term "creative destruction" was popularized by economist Joseph Schumpeter and describes the process of industrial mutation that incessantly revolutionizes the economic structure from within, constantly destroying the old one, constantly creating a new one. The work of Aghion and Howitt formalized this concept mathema

tically.

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