The Nobel prize in economics was awarded on Monday to American-Israeli Joel Mokyr, France's Philippe Aghion and Canada's Peter Howitt for work on technology's impact on sustained economic growth.
Mr Mokyr is from Northwestern University, Mr Aghion from the College de France and the London School of Economics, and Mr Howitt from Brown University.
The Nobel committee said Mokyr “demonstrated that if innovations are to succeed one another in a self-generating process, we not only need to know that something works, but we also need to have scientific explanations for why”.
Mr Mokyr won one half of the prize “for having identified the prerequisites for sustained growth through technological progress”, while Aghion and Howitt shared the other half “for the theory of sustained growth through creative destruction”, the Royal Swedish Academy of Sciences jury said.
The prestigious award, formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is the final prize to be given out this year and is worth 11 million Swedish crowns ($1.2 million).
“The laureates have taught us that sustained growth cannot be taken for granted. Economic stagnation, not growth, has been the norm for most of human history. Their work shows that we must be aware of, and counteract, threats to continued growth,” the prize-awarding body said.
Kerstin Enflo, a member of the economics prize committee, said: "During the last 200 years, the world has seen more economic growth than ever before in human history."
"The laureates' work reminds us that we should not take progress for granted. Instead, society must keep an eye on the factors that generate and sustain economic growth," Enflo said.
The awards for medicine, physics, chemistry, peace and literature were announced last week. The peace prize was awarded to Venezuelan campaigner Maria Corina Machado, despite a campaign for it to be given to Donald Trump. Omar Yaghi, a scientist who was born to a Palestinian refugee family in Jordan, was a joint winner of the Nobel Prize for Chemistry.
Those prizes were established in the will of Swedish dynamite inventor and businessman Alfred Nobel and have been handed out since 1901, with a few interruptions, mostly due to the world wars.
The economics prize was established much later, being given out first in 1969 when it was won by Norway's Ragnar Frisch and Jan Tinbergen from the Netherlands for work in dynamic economic modelling. Tinbergen's brother Nikolaas also won a prize, taking home the prize for medicine in 1973.
While few economists are household names, relatively well-known winners include former US Federal Reserve chairman Ben Bernanke, Paul Krugman and Milton Friedman.
Last year's economics award went to US-based academics Simon Johnson, James Robinson and Daron Acemoglu for research that explored the relationship between colonisation and the establishment of public institutions to explain why some countries have been mired in poverty for decades.
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
MATCH INFO
Red Star Belgrade v Tottenham Hotspur, midnight (Thursday), UAE
UAE currency: the story behind the money in your pockets
MATCH INFO
Euro 2020 qualifier
Ukraine 2 (Yaremchuk 06', Yarmolenko 27')
Portugal 1 (Ronaldo 72' pen)
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The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Match info
Wolves 0
Arsenal 2 (Saka 43', Lacazette 85')
Man of the match: Shkodran Mustafi (Arsenal)
