2 U.S. Academics Among Winners of Nobel Prize in Economics

Two American academics were among the three winners of this year’s Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. They were given the prestigious award “for having explained innovation-driven economic growth,” the Royal Swedish Academy of Sciences announced Monday morning.

Joel Mokyr, the Robert H. Strotz Professor of Economics at Northwestern University, will receive half the roughly $1.6 million prize “for having identified the prerequisites for sustained growth through technological progress,” according to the announcement.

Peter Howitt, a professor emeritus of economics at Brown University, will split the other half of the award money with Philippe Aghion of Collège de France and INSEAD and the London School of Economics and Political Science, “for the theory of sustained growth through creative destruction.”

“The laureates’ work shows that economic growth cannot be taken for granted,” said John Hassler, chair of the committee for the Prize in Economic Sciences. “We must uphold the mechanisms that underlie creative destruction, so that we do not fall back into stagnation.”