Nobel economics prize goes to 3 researchers for explaining innovation-driven economic growth

[BumRushDaShow]

Source: NBC News/AP

Oct. 13, 2025, 6:14 AM EDT


STOCKHOLM -- Joel Mokyr, Philippe Aghion and Peter Howitt won the Nobel memorial prize in economics Monday for "having explained innovation-driven economic growth."

Mokyr is from Northwestern University, Aghion from the College de France and the London School of Economics, and Howitt from Brown University.

The Nobel committee said Mokyr "demonstrated that if innovations are to succeed one another in a self-generating process, we not only need to know that something works, but we also need to have scientific explanations for why."

Aghion and Howitt also studied the mechanisms behind sustained growth, including in a 1992 article in which they constructed a mathematical model for what is called creative destruction: When a new and better product enters the market, the companies selling the older products lose out.

Read more: https://www.nbcnews.com/world/europe/nobel-economics-prize-goes-3-researchers-explaining-innovation-driven-rcna237262

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The Nobel Prize
@NobelPrize
BREAKING NEWS
The Royal Swedish Academy of Sciences has decided to award the 2025 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Joel Mokyr, Philippe Aghion and Peter Howitt “for having explained innovation-driven economic growth” with one half to Mokyr “for having identified the prerequisites for sustained growth through technological progress” and the other half jointly to Aghion and Howitt “for the theory of sustained growth through creative destruction.”

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5:47 AM · Oct 13, 2025

[bucolic_frolic]

1. Not to diminish their achievements and work

but these theories seem pretty widespread and lame to me at this point. Maybe they were innovative when identified.

[wolfie001]

4. Growth by destruction is Reaganism

The decline of the US Middleclass started with Reagan and was pushed by religious christo-fascists back then.

[mathematic]

5. Lots of econ is developing precise models to settle longstanding questions based on intuition

To this day, even on DU, people will cling to their outdated intuition on the issue of this scientific research.

One of the recipients, Joel Mokyr, is an economic historian and his work addressed and informed both the "intuition" and opposition to progress.

[OrwellwasRight]

6. Agree. Congrats to them, but also ...

Sometimes good products are replaced with profitable rot.

Remember when you could own software and not have to merely license it?

Remember when innovations were actually innovative and not just new schemes to corner the market on something? Our economy is growing slower because of concentration, not faster…

I mean, these theories pretend “innovation” is always positive. Well … maybe it is for the capitalist class but not for the society as a whole. Economists… intelligent, but always missing the forest for the trees.

Yay!!

[Skittles]

7. THANK YOU

I read that and I was like, HUH?

[no_hypocrisy]

2. What, their work didn't prove that tariffs universally enhance economies?

[riversedge]

3. umm.. That would be #Trump economics.