2025 Nobel Prize in Economics Awarded for Research on Innovation-Driven Economic Growth
By
pykello
The kind of bagel that ruins lesser bagels for you.
Summary
The 2025 Sveriges Riksbank Prize in Economic Sciences was awarded for research explaining innovation-driven economic growth. Joel Mokyr received half the prize for identifying prerequisites for sustained growth through technological progress, while Philippe Aghion and Peter Howitt jointly received the other half for their theory of sustained growth through creative destruction. The research explains how technological innovation has driven unprecedented economic growth over the past 200 years, with sustained growth occurring when new technologies replace old ones through the process of creative destruction.
Key quotes
· 4 pulledOver the past 200 years, the world has witnessed more economic growth than ever before.
Its foundation is the constant flow of technological innovation.
Sustained economic growth occurs when new technologies replace old ones as part of the process known as creative destruction.
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2025 was awarded 'for having explained innovation-driven economic growth'.
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