ETtech Explainer: Nobel-winning economists’ theories reveal why tech evolves the hard way

The Nobel Memorial Prize in Economic Sciences was awarded on Monday to Joel Mokyr from Northwestern University, Philippe Aghion from INSEAD and the London School of Economics, and Peter Howitt from Brown University. Their research focuses on how innovation leads to long-term economic growth.

The three economists were recognised for explaining how technological progress improves living standards, health, and quality of life.

Mokyr received half of the prize “for having identified the prerequisites for sustained growth through technological…