The Nobel Memorial Prize in Economic Sciences was awarded Monday to Joel Mokyr of Northwestern University, Philippe Aghion of Collège de France, INSEAD and the London School of Economics, and Peter Howitt of Brown University, for having explained innovation-driven economic growth.

The Royal Swedish Academy of Sciences in Stockholm said this year’s recipients created new ways to understand and assess how technology and innovation power the economy. With their contributions, “we have a better chance to make sure growth can continue and be guided in the direction that benefits humankind,” the academy said in announcing the prize.

The prize of a little over $1 million was divided in two: Half was awarded to Mokyr for his work in identifying how technology contributes to sustained growth, and

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