The 2025 Nobel Prize in Economics and New Horizons in Innovation Economics
Learn about innovation theory and the impact of creative destruction on the modern economy from 2025 Nobel Laureates in Economics Joel Mokier, Philippe Agyon, and Peter Howitt. How innovation drives the economy On October 13, 2025, the Royal Swedish Academy of Sciences awarded the Nobel Prize in Economics to three economists. What they have in common is their discovery of how innovation drives economic growth. Simply accumulating capital or increasing the labor force is not enough to achieve sustained economic development. The key to true growth lies in innovation, which inevitably creates new things while destroying old...