Joel Mokyr, Philippe Aghion and Peter Howitt won the 2025 Nobel economics prize on Monday for their work on how innovation and the forces of "creative destruction" can drive economic growth and lift living standards across the globe.

Creative destruction is a key concept in economics that refers to the process in which beneficial new innovations replace — and thus destroy — older technologies and businesses.

Their research explains how technology gives rise to new products and production methods which replace old ones, resulting in a better standard of living, health and quality of life.

"Over the last two centuries, for the first time in history, the world has seen sustained economic growth. This has lifted vast numbers of people out of poverty and laid the foundation of our prosperity

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