In a groundbreaking announcement, Joel Mokyr, Philippe Aghion, and Peter Howitt were awarded the 2025 Nobel economics prize for their insightful research into how innovation spurs economic growth. Their pioneering concepts explain how technological advancements can uplift global living standards through 'creative destruction,' a process that phases out obsolete practices and products.

The Royal Swedish Academy of Sciences highlighted that such economic progress is not a given, emphasizing the importance of vigilance against threats that could impede growth, such as trade policies like those endorsed by U.S. President Donald Trump. While most economists advocate growth as a route to shared prosperity, debates persist about its sustainability amidst environmental concerns.

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