Aghion, Howitt, Mokyr win Economics Nobel; laureates warn on trade barriers, urge green innovation
Philippe Aghion, Peter Howitt and Joel Mokyr won the Nobel Prize in Economics for research showing how scientific and technological change drives long‑run economic growth through creative destruction; the prize totals 11 million Swedish kronor (about $1.2 million). Aghion warned that rising protectionism threatens openness and growth, urged policies to redirect innovation toward green technologies (such as a carbon tax) and cautioned that unregulated AI “superstar” firms could block competitors; all three laureates were born outside the U.S. but earned doctorates at U.S. universities, with institutional affiliations including Northwestern (Mokyr), Brown (Howitt) and Collège de France/LSE (Aghion).
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Economy
📌 Key Facts
- Philippe Aghion, Peter Howitt and Joel Mokyr won the Nobel Prize in Economics for their work on technology, growth and the concept of creative destruction.
- The prize amount is 11 million Swedish kronor (about $1.2 million), shared among the three laureates.
- Kerstin Enflo of the Nobel committee warned that “we should not take progress for granted,” highlighting the past 200 years of growth.
- Aghion warned that protectionist policies—citing the Trump administration—are obstacles to growth: “Openness is a driver of growth... I see dark clouds... pushing for barriers to trade and openness.”
- Aghion urged redirecting innovation toward green technologies through policies such as a carbon tax, noting firms will not “spontaneously innovate green.”
- Aghion cautioned that without careful policing, AI “superstar” firms could dominate markets and block future competitors.
- All three laureates were born outside the United States but earned doctorates at U.S. universities; their institutional affiliations include Northwestern (Mokyr), Brown (Howitt) and Collège de France/London School of Economics (Aghion).
📰 Sources (2)
3 share Nobel Prize in Economics for work on technology, growth and creative destruction
New information:
- Prize amount: 11 million Swedish kronor (~$1.2 million).
- Quote: Kerstin Enflo (Nobel committee) said, “we should not take progress for granted,” highlighting the past 200 years of growth.
- Aghion warned Trump administration protectionist policies are obstacles to growth: “Openness is a driver of growth... I see dark clouds... pushing for barriers to trade and openness.”
- Aghion urged redirecting innovation toward green tech via policies like a carbon tax, noting firms won’t “spontaneously innovate green.”
- Aghion cautioned that without careful policing, AI ‘superstar’ firms could dominate and block future competitors.
- All three laureates were born outside the U.S. but earned doctorates at U.S. universities; institutional affiliations include Northwestern (Mokyr), Brown (Howitt), Collège de France/LSE (Aghion).