Nobel Prize in Economics co-winner Joel Mokyr sees AI innovation as progress
Interesting to see how the Nobel Prize in Economics went to 3 researchers whose works on new technology, productivity, and economic growth seem so relevant to today’s disruptions caused by AI.
Joel Mokyr, a professor at Northwestern, described his optimism for AI to the Wall Street Journal:
AI is going to be to information very much like the computer was in the ’50s and ’60s, and the personal computer was in the ’80s and ’90s.
It will be a very convenient tool. It will aggregate information at a dazzling rate. It will make us more productive. It will give us much better access to knowledge.
Joel Mokyr, a professor at Northwestern
Here’s a video of Mokyr at a press conference at Northwestern upon the announcement of his award:
Here’s a summary of the research of the 3 Nobel Prize winners in Economics:
We often take for granted that our lives will be better than our parents’, and that technology will just keep improving. But is that progress inevitable? A big congratulations to Joel Mokyr, Philippe Aghion, and Peter Howitt for winning the 2025 Nobel Memorial Prize in Economic Sciences. Their foundational work showed us that economic progress is not guaranteed. For most of human history, stagnation—not growth—was the norm. The explosion of prosperity we’ve seen in the last two centuries is the exception, not the rule. Their research highlights the engine of this growth: a process of “creative destruction,” where new innovations replace old ways of doing things. At Redfin, we see a microcosm of this every day as technology changes how people buy and sell homes, challenging traditional models and creating new value for consumers. However, the laureates also provide a crucial warning. This engine of progress can stall. It is threatened by deliberate choices that stifle innovation, such as: – Trade wars and tariffs that shrink markets. – Barriers to the free exchange of ideas. – Policies that protect old industries instead of fostering new ones. So, how do we keep moving forward? By making the right choices: embracing openness, encouraging global competition and collaboration, and investing in the technologies that will define our future. We also have to remember to redistribute the benefits of progress because technological progress can increase inequality if left unchecked. The ultimate takeaway from their work is clear: Economic progress isn’t an accident. It’s a choice. It’s on all of us as leaders, builders, and citizens to make the right ones. What do you see as the biggest opportunity for “creative destruction” in your industry today?