Overview

• The Royal Swedish Academy of Sciences announced on October 13 that Joel Mokyr receives half the prize, with Philippe Aghion and Peter Howitt sharing the other half.
• Joel Mokyr is cited for uncovering the historical prerequisites that allow technological advances to become a self-reinforcing engine of long-run growth.
• Philippe Aghion and Peter Howitt are recognized for formalizing growth through creative destruction, notably in their widely taught 1992 model.
• Committee chair John Hassler said growth is not automatic and urged defending the mechanisms that keep innovation-driven competition alive.
• The prize totals 11 million Swedish kronor, with the formal award ceremony scheduled for December 10 in Stockholm.