Innovation Titans: Nobel Win for Economic Growth Pioneers

Joel Mokyr, Philippe Aghion, and Peter Howitt have clinched the prestigious 2025 Nobel economics prize for illuminating the role of innovation and 'creative destruction' in fostering global economic growth. Their pioneering research sheds light on how new technologies supplant older ones, contributing to enhanced living standards worldwide.

The Royal Swedish Academy of Sciences emphasized the uncertainty of such progress, noting that economic stagnation rather than growth has dominated much of human history. The laureates pointed to recent policies from President Donald Trump's administration as potential threats to continued advancement in scientific research and education.

Highlighting global challenges, Aghion criticized protectionist measures like tariffs as growth obstacles, while Howitt questioned the efficacy of policies aimed at returning manufacturing jobs to the U.S. The award underscores the need for balancing industrial and competition policies to remain at the forefront of technological breakthroughs.

(With inputs from agencies.)