Nobel Economics Prize Goes to 3 Researchers for Explaining Innovation-Driven Economic

Philippe Aghion, Joël Mokyr, and Peter Howitt received the 2025 Nobel Prize in Economics for their research on innovation-driven growth. Their work emphasizes \"creative destruction,\" where new technologies replace old ones. Aghion argues that for this process to be sustainable, societies must balance firm incentives for innovation with robust social safety nets and pro-competition policies.