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With exquisite timing, as too many politicians on the left and right see trade and technology as problems to be managed rather than opportunities to be welcomed, the Nobel committee is helping to elevate the case for open markets. Yay capitalism! The Journal’s Paul Hannon reports: Joel Mokyr, Philippe Aghion and Peter Howitt have been awarded the Nobel Prize for
Economic Sciences for their work explaining how innovation and what economists call “creative destruction” drive economic growth. In awarding the prize, the Nobel organization said the three economists had helped deepen the understanding of the drivers of the pickup in economic growth over the past two centuries to levels that are high and relatively stable by historical standards. Their work has stressed the importance of science-based innovation and a willingness to accept change even when it has some negative consequences for particular businesses for groups of
workers. There’s no free lunch but maybe technological creation is as close as it gets. In the Journal back in 1991, Susan Lee reviewed Mr. Mokyr’s “The Lever of Riches: Technological Creativity and Economic Progress.” Ms. Lee wrote:
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