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Imagine a world where your old flip phone suddenly gets replaced by a sleek smartphone that does everything from navigation to video calls. Jobs shift, companies rise and fall, and life gets better overall. This isn't just change, it's creative destruction, a powerful idea that's like the heartbeat of modern economies.

It's the reason why we've gone from horse-drawn carts to electric cars, and why living standards keep rising.

This year, the Nobel Prize in Economic Sciences—formally the Sveriges Riksbank Prize in Memory of Alfred Nobel—was awarded one half to economic historian Joel Mokyr for identifying the societal prerequisites for sustained technological progress, and the other half jointly to economists Philippe Aghion and

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