Nobel Economics Prize Awarded to Mokyr, Aghion, and Howitt for Growth Theory

The 2023 Nobel Prize in Economic Sciences has been awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their groundbreaking research on what drives sustainable economic growth. As noted by an award committee member, their work highlights the crucial need for “society to keep an eye on the factors that generate and sustain economic growth.” This recognition celebrates decades of research that has transformed our understanding of why some economies flourish while others stagnate, and what policies might help create prosperity that benefits everyone.

The three economists approached the question of growth from complementary angles, with Mokyr examining the historical foundations of technological progress, while Aghion and Howitt developed mathematical models that explain how innovation drives modern economies forward. Together, their work creates a comprehensive framework for understanding economic development that goes beyond traditional measures like GDP to examine the underlying cultural, institutional, and technological factors that create lasting prosperity. Their research has profound implications for how nations might address contemporary challenges from climate change to inequality while maintaining the innovation needed for continued advancement.