Pioneering Economists Win Nobel for Transformative Growth Theory

Joel Mokyr, Philippe Aghion, and Peter Howitt have won the 2025 Nobel economics prize for their innovative research on how technological advancements and 'creative destruction' drive economic growth. Their work underscores that while technology enhances living standards, economic growth is not guaranteed without addressing trade barriers and policy challenges.

In a groundbreaking announcement, Joel Mokyr, Philippe Aghion, and Peter Howitt were awarded the 2025 Nobel economics prize for their insightful research into how innovation spurs economic growth. Their pioneering concepts explain how technological advancements can uplift global living standards through 'creative destruction,' a process that phases out obsolete practices and products.

The Royal Swedish Academy of Sciences highlighted that such economic progress is not a given, emphasizing the importance of vigilance against threats that could impede growth, such as trade policies like those endorsed by U.S. President Donald Trump. While most economists advocate growth as a route to shared prosperity, debates persist about its sustainability amidst environmental concerns.

As artificial intelligence looms on the horizon as a potential catalyst for another growth surge, the laureates urge reevaluation of industrial policy, particularly in Europe, to maintain competitive edges in technology. The call for open global markets resounds amidst fears of de-globalization, echoing the laureates' stance against trade barriers that stifle innovation and prosperity.

(With inputs from agencies.)