Economics Nobel celebrates researchers who showed how science and technology drive growth.

The article discusses the awarding of the Nobel Memorial Prize in Economic Sciences to Joel Mokyr, Philippe Aghion, and Peter Howitt for their research on the relationship between innovation and economic growth. Mokyr's work emphasizes that technological innovation must be paired with scientific understanding to foster sustained economic growth, while Aghion and Howitt's research highlights the concept of "creative destruction," where new technologies replace outdated industries, driving economic progress. The findings suggest that policymakers should focus on supporting research and development for new technologies rather than propping up struggling companies, as this could enhance economic dynamism. The laureates' contributions underscore the importance of basic science in facilitating technological advancements and economic development. [Extracted from the article]