Over the past two centuries, for the first time in world history, we have seen sustained economic growth, writes nobelprize.org in a press release.
They further write that economic growth has lifted large numbers of people out of poverty and laid the foundation for today's welfare.
This year's economics laureates, Joel Mokyr, Philippe Aghion and Peter Howitt, explain how new innovations sow the seeds of further progress, according to the Royal Norwegian Academy of Sciences, which presents the prize.
3 Norwegian winners
Three Norwegians have received the Nobel Memorial Prize in Economics.
Ragnar Frisch, professor ved Universitetet i Oslo og internasjonalt anerkjent for sitt arbeid innenfor sosialøkonomi, økonometri og matematisk statistikk, mottok den i 1969 sammen med Jan Tinbergen, Nederland.
Trygve Haavelmo, professor of social economics and statistics at the University of Oslo, was awarded the prize in 1989.
Finn E. Kydland received it together with Edward C. Prescott, USA, in 2004. Kydland is a professor at the University of California, Santa Barbara and adjunct professor at the Norwegian School of Economics.
(Source: SNL.no)
Read the whole story here: https://www.forskning.no/nobelpris-okonomi/nobelpris-for-forskning-pa-innovasjonsdrevet-okonomisk-vekst-veldig-fortjent/2563367