Why Some Nations Prosper While Others Lag Behind: The Economics of Growth
The question of why some nations are rich while others remain poor is one of the oldest and most consequential in economics.
The answer holds the key to human progress, as decoding the secret to prosperity could change the quality of life for billions almost overnight.
This year's Sveriges Riksbank Prize in Economic Sciences, often referred to as the Nobel Prize in Economics, honors three scholars: Philippe Aghion, Peter Howitt, and Joel Mokyr.
Their pioneering research reshaped our understanding of what drives long-term growth, offering a blueprint for action on how nations can foster innovation, unlock productivity, and sustainably improve living standards.
From Stagnation to Sustained Growth
For most of human history, stagnation was the norm, with output barely growing and living standards hovering near subsistence, from ancient empires to early modern Europe.
The secret to prosperity could change the quality of life for billions almost overnight.
Author's summary: The key to human progress lies in understanding the economics of growth.
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