Trio of researchers share Nobel in economics for ‘explaining innovation-driven growth’

The 2025 Nobel Prize in Economics was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their work on "explaining innovation-driven growth". They are credited with quantifying the concept of "creative destruction" – the idea that innovations like steam engines and artificial intelligence, which replace older technologies and businesses, can ultimately benefit humanity in the long run. And, in an unprecedented move, the Dutch government took control of the Chinese-owned chipmaker Nexperia over national security concerns, marking an unprecedented move.