H uman history is crammed with evidence of what economists call creative destruction, the process of innovation that propels economic growth. The Nobel Prize in Economic Sciences 2025 has been award ed to Joel Mokyr, a professor at Northwestern University in the US; French economist Philippe Aghion of Collège de France, and Peter Howitt of Brown University for explaining how innovation leads to sustained economic growth and the pro cess of “creative destruction”- a concept widely regarded by economists as a central feature of capitalist economies.

According to The Royal Swedish Academy of Sciences, the Prize was split, with half going to Mokyr for explaining the role of technological innovation and the other half to Aghion and Howitt for identifying technology as a crucial driver of long

See Full Page