Nobel Prize in Economics for Creative Destruction
On October 13, the 2025 Nobel Prize in Economics was awarded to three economists: Joel Mokyr (USA), Peter Howitt (USA), and Philippe Aghion (UK).
The Nobel Committee stated that these economists have demonstrated how innovation drives economic growth. Technology evolves rapidly and impacts everyone. New products and methods of production continually replace old ones—a process that never ends. This ongoing transformation is the foundation of long-term economic development, improving the quality of life, health, and living standards for people around the world.
The laureates will receive 11 million Swedish Krona (approx. ₹10.3 crore), a gold medal, and a certificate. The award ceremony will take place on December 10 in Stockholm.
The Nobel winners emphasized that such transitions often lead to conflicts, which must be managed properly. If not addressed, large corporations and certain groups may obstruct new ideas and innovation.