New Delhi : The Royal Swedish Academy of Sciences awarded this year’s Sveriges Riksbank Prize in Economic Sciences to Joel Mokyr, Philippe Aghion, and Peter Howitt for “ having explained innovation-driven economic growth ” .

Half of the prize has been awarded to Mokyr and the other half jointly to Aghion and Howitt. Together, their research explained how technology and new ideas drive continuous economic growth, and the conditions that allow this to happen.

The Nobel committee statement highlighted how stagnation was the norm throughout human history. Growth eventually plateaued despite discoveries that improved standard of living. But over the last two centuries, the world has seen sustained economic growth, which has helped combat poverty and “laid the foundations of ou

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