A: Hey there! Guess what?

B: What's up, friend? What happened?

A: Joel Mokyr, Philippe Aghion, and Peter Howitt won this year's Nobel Prize in Economics!

B: Really? That's amazing! What for?

A: They explained why some economies grow and change over time. They called it innovation-driven growth.

B: Oh, that sounds interesting! Where are they from?

A: Mokyr is a professor at Northwestern University, Aghion at the College de France, and Howitt at Brown University.

B: Cool! So, what did Mokyr do exactly?

A: He studied historical sources to understand why growth became normal. He thinks that societies need to be open to change for this kind of growth to happen.

B: And what about Aghion and Howitt? What did they do?

A: They created a math model explaining something called creative destruction. This is when new, better products come onto the market, and companies that make older products lose out. But this process helps growth in the long run.

B: Wow, that's impressive! I'm glad they got recognized for their work.

A: Definitely! They explained why this development was possible and what we need for continued growth. It's a big deal!