The 2025 Nobel Prize in Economics explains the drivers of economic growth

DNVN - “Progress is never quiet. It thrives on innovation, creativity and courage.” This is the statement of Philippe Aghion (French, teaching at Collège de France) - one of the 3 winners of the 2025 Nobel Prize in Economics.

The 2025 Nobel Prize in Economics is awarded to Joel Mokyr, Philippe Aghion and Peter Howitt

Together with Joel Mokyr (Dutch, professor at Northwestern University, USA) and Peter Howitt (Canadian, Professor Emeritus at Brown University, USA), they have contributed to reshaping the driving force of modern prosperity. Accordingly, society progresses not through stability, but through the relentless fluctuation of creativity.

At the heart of this Nobel Prize lies the theory of innovation-driven growth, which builds on and modernizes Joseph Schumpeter's concept of creative destruction. This process is a never-ending cycle where new ideas and technologies replace old ones – forming the basis of endogenous growth theory.

Rather than viewing technological progress as an external or random factor, Joel Mokyr, Philippe Aghion, and Peter Howitt demonstrate that innovation flows from within the economic system itself. Entrepreneurs, researchers, and inventors are not peripheral actors; they are at the heart of the modern economy.

The Nobel Committee’s choice for 2025 reflects not only the academic excellence of the three economists, but also their relevance. In an age of artificial intelligence, automation and climate challenges, the trio’s work offers a profound guide: growth is not about producing more of the same things, but about constantly creating new things.

Hien Thao

Source: https://doanhnghiepvn.vn/cong-nghe/giai-nobel-kinh-te-2025-giai-thich-dong-luc-tang-truong-kinh-te/20251014085924786