Muscat – The prestigious Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel — commonly known as the Nobel Prize in Economics — is in recognition of their – American economist Joel Mokyr, French economist Philippe Aghion, and Canadian economist Peter Howitt – pioneering contributions to the understanding of innovation-driven economic growth.

The Academy cited the trio’s work in shaping modern economic thought around how technological progress and innovation serve as engines of sustained economic development.

One half of the prize was awarded to Mokyr “for having identified the prerequisites for sustained growth through technological progress,” and the other half was jointly awarded to Aghion and Howitt “for the theory of sustained growth through creative destruction.”