Nobel Prize Honors Pioneers of Economic Growth Through Innovation

The Nobel Prize in Economic Sciences was awarded on October 13 to Joel Mokyr, Philippe Aghion, and Peter Howitt for their research on the impact of new technologies on economic growth. Joel Mokyr, who receives half of the prize, is recognized for identifying the necessary conditions for sustainable growth through technological progress. Philippe Aghion and Peter Howitt are jointly honored for their theory of sustainable growth, which explores the concept of “creative destruction,” where the innovation of new products leads to losses for companies selling outdated products. Philippe Aghion encouraged European countries to intensify their efforts in innovation to avoid allowing China and the United States to dominate the technology sector. Emmanuel Macron expressed his pride in Aghion, emphasizing his impact on the economy and innovation. Kerstin Enflo, a member of the Nobel Committee, highlighted the importance of remaining vigilant regarding the factors that sustain economic growth, such as innovation and openness to change. The laureates will receive a total of 11 million kronor to be shared. This prize also marks the conclusion of the 2025 Nobel ceremonies, which honored other individuals across various fields, from peace to physics.

SOURCE: LE MONDE