The Trump administration has been fixated, predictably enough, on the Nobel Peace Prize. But his more far-sighted officials would be wise to pay some attention to the Economics Prize, which was awarded on Oct. 13.
For this year¡¯s award inadvertently illuminates growing problems in the U.S. economy: problems that began accumulating long before MAGA materialized but will doom the administration¡¯s plan to make America great again.
The Nobel committee awarded the prize to three economists for their research on what creates long-term growth: Half the prize money went to Joel Mokyr for his work on how a culture of innovation fostered economic take-off in Northern Europe in the 17th and 18th centuries; the other half went to Philippe Aghion and Peter Howitt for their insights about creative destruction¡¯s role in driving sustained success.
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