Laureates honored for showing how innovation and creative destruction drive economic growt

Mokyr, Aghion & Howitt Win 2025 Economics Nobel

Joel Mokyr, Philippe Aghion, and Peter Howitt have been awarded the 2025 Nobel Memorial Prize in Economic Sciences for their groundbreaking research on innovation and its role in long-term economic growth through the concept of &ldquo;creative destruction.&rdquo;
Joel Mokyr, an economic historian, has studied how technological advancements and societal openness to change shaped Europe&rsquo;s economic development. His work highlights the critical role of scientific knowledge and innovation in sustaining growth.
Philippe Aghion, a leading growth economist, developed the Schumpeterian growth paradigm with Howitt, focusing on how innovation and competition drive productivity and economic progress. Peter Howitt&rsquo;s theoretical contributions, particularly his collaboration with Aghion, have modeled how new technologies disrupt existing structures, enhancing long-term growth.
The laureates&rsquo; work underscores how creative destruction replaces outdated practices with innovative solutions, boosting productivity while reshaping economies. Their research offers valuable insights for policymakers, emphasizing the importance of fostering innovation and competition to sustain economic growth and manage technological disruptions.
The Nobel Prize recognizes their contributions as pivotal in understanding the dynamics of modern economies and the transformative power of innovation.

13 ઑક્ટોબર, 2025 | 17:20 IST

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