New Delhi, Oct. 14 -- Over the last two centuries, the world has seen sustained economic growth that has lifted vast numbers out of poverty. How much did technology contribute to this remarkable achievement? A great deal, according to the Nobel Prize Committee.

In recognition of the role of technology in "creating new products and production methods, replacing old ones in a never-ending cycle, providing the 'basis for sustained economic growth,' resulting in a better standard of living, health and quality of life for people around the globe," the Nobel Foundation on Monday awarded this year's Sveriges Riksbank Prize in Economic Sciences to a trio. Joel Mokyr, Philippe Aghion and Peter Howitt won for academic work that explains how innova...