Nobel Prize winners' message is clear: Excessive taxation inhibits growth

Philippe Aghion, one of three recipients of this year's Nobel Prize for Economic

This year’s economics Nobel Prize winners make it clear that the UK’s path of high taxation will destroy growth, writes Paul Ormerod

This year’s award for the Nobel Prize in economics, announced a couple of weeks ago, has not attracted much media attention.

But the recipients have a lot to say about the central aim of the government’s economic policy . Namely, how to make the UK more innovative and generate economic growth.

Joel Mokyr, an economic historian at Northwestern and Tel Aviv universities, received his share for “having identified the prerequisites for sustained growth through technological progress”.

The other two recipients, the American Peter Howitt and the French economist currently based