Peter Howitt, one of the three winners of this year’s Nobel memorial prize in economics announced on Monday, is being honored by the Canadian universities where he studied and worked.
Howitt hails from Guelph, Ont. He completed his undergraduate studies at Mc Gill University in Montreal, pursued his Masters at Western University in London, and obtained his doctorate from Northwestern University in Illinois.
He served as an associate professor and later a professor at Western University from 1972 to 1996, where he remains an honorary professor of economics.
Howitt is currently a professor emeritus at Brown University located in Rhode Island.
The president of Western University, Alan Shepard, expressed excitement in a statement on Monday regarding Howitt’s achievement.
“His pioneering work has transformed how we think about innovation and economic growth. Much of his work as an economist was conducted at Western,” Shepard said.
“His Nobel win is a powerful reflection of the excellence of Western’s storied economics department, which consistently ranks among the best in the world. This is a proud moment for Western.”
In 2009, Howitt received an honorary doctorate from the University of Guelph.
“He was the first economist to demonstrate under general theoretical conditions that a central bank aiming to stabilize the rate of inflation must allow interest rates to respond vigorously to past changes in inflation.”
Howitt also held the position of president for the Canadian Economics Association from 1993 to 1994 and was editor for the Journal of Money, Credit, and Banking between 1997 and 2000.
Mc Gill University celebrated Howitt’s recognition, highlighting that “his journey began” there and noting how his work has not only been theoretical but has influenced real-world economic policy since then.
This Monday, Howitt shared the prize with Joel Mokyr and Philippe Aghion for their research on innovation’s impact on economic growth and how new technologies displace older ones – a fundamental concept known as “creative destruction.”
Prime Minister Mark Carney congratulated Howitt on social media for receiving such “extraordinary recognition.”
“Canada is home to many of the world’s brightest minds. With a lifetime of path-breaking research on how innovation and human ingenuity are essential engines of growth, Peter Howitt’s work is a foremost example of Canadian ideas having global impact,” Carney wrote on X, formerly Twitter.
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