Overview

• The Royal Swedish Academy of Sciences named the three laureates in Stockholm on October 13.
• The prize totals 11 million Swedish kronor, with half awarded to Mokyr and the remainder shared by Aghion and Howitt.
• Joel Mokyr was recognized for identifying the conditions for sustained growth through technological progress.
• Philippe Aghion and Peter Howitt were honored for formalizing growth theory built on the process of creative destruction.
• Committee chair John Hassler said economies must preserve the mechanisms of creative destruction to avoid stagnation, and the formal award ceremony is set for December 10 in Stockholm.