Creative destruction theorists win Nobel Prize for economics

Three academics from both sides of the Atlantic will share the 2025 Nobel Prize for economics for their work on the role of innovation in generating economic expansion.

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Joel Mokyr of Northwestern University, Philippe Aghion of the London School of Economics (LSE) and INSEAD in Paris, and Peter Howitt at Brown University were named as this year’s recipients in a presentation in Stockholm on Monday that covered their collective efforts in identifying what drives growth, and how creative destruction helps with that.

“The laureates’ work reminds us that we should not take progress for granted,” Kerstin Enflo, professor of economic theory at Lund University and member of the prize committee, told reporters. “Society must keep an eye on the factors that generate and sustain economic growth. These are science-based innovation, creative destruction, and society open for change.”