Researchers Joel Mokyr, Philippe Aghion and Peter Howitt were awarded the Nobel Memorial Prize in Economics on Monday for identifying the essential elements of sustained economic growth. Mokyr’s work pinpointed conditions needed to sustain growth through technological progress, while Aghion and Howitt put forth the theory of economic progress through creative destruction. Together, they explained the continuous growth seen over the last 200 years — an unprecedented phenomenon in recor...
