2025 Prize Lectures in Economic Sciences

Joel Mokyr, Philippe Aghion and Peter Howitt examine why technological innovation can sustain economic growth despite the disruption it creates. Mokyr considers the historical development of useful knowledge, the connection between understanding and invention, and the institutional and political conditions needed for continuing progress.

Aghion develops the economics of creative destruction, connecting innovation incentives with entry, incumbent firms and competition. He discusses how theoretical models and empirical evidence inform policies intended to support productivity growth.

Howitt explains the development of the creative-destruction growth model and explores implications for competition, patent policy, international trade and technological change. The lectures also consider artificial intelligence and employment, distinguishing the historical resilience of growth from uncertainty about new forms of automation.