The Nobel Memorial Prize in Economic Sciences has been awarded to Joel Mokyr of Northwestern University, Philippe Aghion from Collège de France, INSEAD, and the London School of Economics, and Peter Howitt of Brown University. The recognition honors their foundational work in understanding how innovation drives long-term economic expansion. n nTheir research explores the concept of “creative destruction,” where new technologies and ideas displace outdated methods, fueling growth and transformation across industries. This dynamic process explains how economies evolve through continuous innovation rather than steady accumulation. n nMokyr, Aghion, and Howitt have contributed significantly to modeling how technological progress emerges from competition, incentives, and institutional frameworks. Their insights help clarify why some nations experience sustained development while others stagnate. n nBy analyzing historical and contemporary economic patterns, they have demonstrated that policies supporting research, education, and entrepreneurial risk-taking are crucial for fostering innovation ecosystems. Their work underscores the importance of institutional support in enabling breakthroughs that reshape markets and improve living standards. n nThe prize highlights the central role of human ingenuity in economic advancement and affirms that deliberate investment in knowledge and discovery can yield broad societal benefits. n
— News Original —nThe Nobel Memorial Prize in Economic Sciences was awarded Monday to Joel Mokyr of Northwestern University; Philippe Aghion of Collège de France, INSEAD and the London School of Economics; and Peter Howitt of Brown University, for work that helps explain innovation-driven economic growth.