Learn about the Nobel Prize in Economic Science in 2025, focusing on how innovation drives economic growth and progress worldwide.
Nobel Prize 2025 in Economic Sciences: Innovation Drives Growth
The 2025 Nobel Prize in Economic Sciences honors key ideas about economic growth. It focuses on the role of innovation. The prize is split between the two sides.
Joel Mokyr, Philippe Aghion, and Peter Howitt won the 2025 Nobel Prize in Economic Sciences. They earned this award for explaining how innovation leads to economic growth. Their research shows that technology and new ideas power progress and improve lives globally.
Mokyr studied history to find why growth became steady after the Industrial Revolution. He found that success needs not only new inventions but also scientific understanding. Society must accept new ideas openly for progress to continue. Before this, growth often stopped because explanations were missing or changes were resisted.
Aghion and Howitt developed a model called creative destruction. This idea means that new inventions replace old products. It drives progress but also challenges existing companies and industries. Managing this conflict is key to allowing innovation to thrive without opposition from those who lose out.
The Sveriges Riksbank Prize in Economic Sciences
Their work highlights that economic growth is not automatic. We must support systems that encourage change and creativity. If we do not, society risks stopping progress and returning to stagnation, which has hurt people in the past.
This prize reminds us how important science and technology are for future jobs and better living standards. Innovation creates opportunities in many fields such as engineering, medicine, and environmental science, fueling sustainable development worldwide.
This year’s winners deepen our understanding of how economies grow. They highlight that constant innovation drives progress. Creative destruction means that new technologies replace the old ones, fostering development and efficiency.
Additionally, to stay updated with the latest developments in STEM research, visit ENTECH Online. Basically, this is our digital magazine for science, technology, engineering, and mathematics. Furthermore, at ENTECH Online, you’ll find a wealth of information.
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Ashwini Kshirsagar holds a graduate degree in Chemistry and a postgraduate degree in Environmental Science from Shivaji University, Kolhapur. With a strong foundation in scientific principles and a creative flair, she blends her expertise in environmental science with skills in technical writing, graphic design, and video editing. Proficient in Adobe software, Ashwini excels at transforming complex scientific concepts into clear, engaging, and visually compelling content. Her unique ability to merge science and storytelling allows her to create impactful communication materials that are both informative and accessible to a wide audience.
