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A trio of specialists focused on the influence of tech advancements to stimulate economic growth have received this current year's Nobel award in economics.

Joel Mokyr, from Northwestern University, received one half of the SEK 11 million award, and the other half split between another pair of researchers: Philippe Aghion from a French institution, Insead business school, and the London School of Economics; and Peter Howitt of Brown University.

Declaring the prize in the context of quick advances in AI and fierce debate over its impact on the public and quality of life, the Royal Swedish Academy of Sciences said the group had pioneered the explanation of “innovation-driven economic expansion”.

The award coincided with many countries strive to reverse years of lacklustre growth following the 2008 crisis, amid fears over a decline in gains in productivity, sluggish progress on raising living conditions, and increasing political tensions.

Aghion, a French economist, warned that “dark clouds” were gathering because of rising barriers to international trade and open markets driven by recent trade conflicts. He added that innovation in green industries, and blocking the rise of dominant tech firms would be crucial to more robust economic growth in coming decades.

“I’m not welcoming the trend toward trade barriers in the US, and it is detrimental for international economic expansion and technological progress,” he said.

Comments as he accepted the prize, he said artificial intelligence had “tremendous growth potential” but called on authorities to establish strong antitrust rules to manage the rise of emerging tech firms. “Certain top firms might monopolizing everything and preventing potential entry of new innovators. What can we do to guarantee that present-day innovators will not stifle emerging players and advancement?”

The prize committee said advances in technology had helped to fuel long-term expansion over the past two centuries, but warned that future gains could not be assumed.

Mokyr, a originally from the Netherlands American-Israeli historian of economics, won the award for his work defining the prerequisites for long-term growth through innovation. Aghion and Howitt, a scholar, received the prize for their analysis of how “market disruption” is crucial for driving growth.

“It is essential to maintain the mechanisms that support market renewal, so that we will not fall back into economic standstill,” said John Hassler, the leader of the committee for the award in economics.

Created in the mid-20th century, several decades post the first Nobel categories, it is officially known as the Swedish central bank award in economic sciences in honor of the founder.