Sustained growth through creative destruction: Nobel laureates Philippe Aghion and Peter Howitt by Peter J. Klenow published by VOXEU(10/2025).
Philippe Aghion and Peter Howitt have been jointly awarded the 2025 Nobel Prize in Economic Sciences with Joel Mokyr ‘for having explained innovation-driven economic growth’. Aghion and Howitt were cited by the Nobel committee ‘for the theory of sustained growth through creative destruction’. As this column explains, their work transformed creative destruction from an evocative metaphor into a rigorous analytical framework. The Nobel recognition honours research that has fundamentally reshaped how economists understand the engines of prosperity and technological progress.
