The Nobel Prize in economics was awarded to a trio of researchers Monday for their work on how cycles of technological innovation feed economic growth.
Joel Mokyr of Northwestern University, Peter Howitt of Brown University and Philippe Aghion of the College of France and the London School of Economics will split the prize money of 11 million Swedish kroner, or about $1.2 million.
All three men were born outside the United States, but each received his doctorate from a university in the U.S.
Mokyr pioneered a theory of how technological change and improvement has helped to fuel two centuries of growth and higher living standards. Howitt and Aghion followed up with a theory on how creative destruction allows one technological advance to give way to another, so what's a breakthrough in one generation is obsolete by the next.
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