STOCKHOLM: This year's Nobel Prize in Economics has been awarded to Joel Mokyr, Philippe Aghion and Peter Howitt. Israeli-American Mokyr won the prize "for having identified the prerequisites for sustained growth through technological progress" Frenchman Philippe Aghion and Canadian Peter Howitt are sharing the prize for their contributions to the theory of sustained economic growth through "creative destruction". The prize money is 11 million Swedish kronor (more than Rs. 10,38,50,000). Mokyr will receive half of the prize money. Aghion and Howitt will share the other half. The prize will be awarded in Stockholm on December 10.

Joel Mokyr (79) - Professor at Northwestern University, US.

Philippe Aghion (69) - Professor at the College de France in Paris and the London School of Economi

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