The Nobel Prize in Economics was awarded to three economists for their theories explaining how technological innovation and creative destruction lead to economic growth.
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2025
“for having explained innovation-driven economic growth”
Joel Mokyr, Northwestern University
“for having identified the prerequisites for sustained growth through technological progress”
Philippe Aghion, Collège de France, Paris, France; INSEAD, Paris, France; London School of Economics and Political Science, London, United Kingdom, and Peter Howitt, Brown University
“for the theory of sustained growth through creative destruction”
In the era of the Industrial Revolution, the central cultural tenet that drove creative destruction was a firm belief in progress.
Joel Mokyr, Creative Destruction or Destructive Creation?
A Prelude to the Industrial Revolution