Stockholm, sweden – Three economists have been awarded the 2023 Nobel Prize in Economic Sciences for groundbreaking research explaining how technological progress drives long-term economic growth. The Royal Swedish Academy of Sciences announced Monday that the prize is jointly awarded to Claudia Goldin, Philippe Aghion, and Robert E. Lucas Jr.
The committee recognized Goldin for her work understanding women’s labor market outcomes, Aghion and howitt for their analysis of “creative destruction” as a basic force in growth, and Lucas for developing rational expectations and studying the impact of monetary policy. The award highlights the critical role of innovation and the need to avoid policies that stifle future entry and innovation.
technological developments have powered sustained economic growth for the past two centuries, but future gains cannot be taken for granted, the prize committee warned. The laureates’ research identifies the prerequisites for sustained growth thru technological progress and demonstrates how competition and innovation are essential.
“We must uphold the mechanisms that underlie creative destruction, so that we do not fall back into stagnation,” said John Hassler, the chair of the committee.
Established in 1966, the prize is officially known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. It was created several decades after the original Nobel prizes.
