00:00Three economists have won the 2025 Nobel Prize in Economics for, quote,
00:07having explained innovation-driven economic growth.
00:10Half of the prize was awarded to Joel Mocha from Northwestern University in the US.
00:17The committee said it awarded the prize to Mocha for identifying the conditions needed
00:23to sustain growth through technological progress.
00:26The other half of the prize was shared by Philippe Aegean, who teaches in Paris and London,
00:32and Peter Howitt from Brown University in the US for their theory explaining how economies
00:38grow through creative destruction, which refers to new innovation in technology and business
00:44replacing old ones.
00:45The Economics Prize is formerly known as the Bank of Sweden Prize and was created in 1968
00:52in memory of Alfred Nobel.
00:54The five Nobel Honours were announced last week.
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