Canadian economist Peter Howitt, along with researchers Joel Mokyr and Philippe Aghion, has been awarded the Nobel Memorial Prize in Economics by the Royal Swedish Academy of Sciences. The trio was recognized for their extensive research on the relationship between innovation and economic growth, specifically focusing on the concept of “creative destruction,” where new technologies supersede outdated ones.
Howitt, Mokyr, and Aghion each brought unique perspectives to their research, with Mokyr utilizing historical data to analyze long-term trends, while Howitt and Aghion employed mathematical models to study the dynamics of creative destruction.
Howitt, 79, holds a bachelor’s degree in economics from McGill University and a master’s degree from Western University. He currently serves as a professor at Brown University in Providence, R.I. Aghion, 69, has affiliations with the College de France and the London School of Economics, while Mokyr, 79, is associated with Northwestern University.
Following the announcement, Howitt expressed his excitement and gratitude for the prestigious award. He recounted learning about the prize from a Swedish journalist who contacted his wife before the official notification from the committee.
Reflecting on his collaboration with Aghion, Howitt highlighted the significant role Canada played in shaping his career as an economist during his tenure at Western University. He emphasized the invaluable experience gained from his time in Canada.
The distinguished economists are set to celebrate their achievement together, with plans to travel to Sweden for the award ceremony. Prime Minister Mark Carney and other Canadian officials commended Howitt for his groundbreaking research and its global impact.
Mokyr, caught off guard by the news of his win, emphasized his commitment to continuing his work despite his upcoming 80th birthday. Aghion, equally stunned by the recognition, pledged to reinvest his prize money into his research endeavors.
The laureates’ work sheds light on the significance of sustaining mechanisms that drive creative destruction for continued economic growth. Their contributions underscore the essential role of innovation in maintaining prosperity and preventing stagnation in economies worldwide.
The Nobel Prize in Economics, officially known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968. The award, shared by Mokyr, Aghion, and Howitt, includes a monetary prize, a gold medal, and a diploma.