20世纪40年代曾赴哈佛大学师从熊彼特求学的我国著名经济学家、发展经济学的奠基人张培刚先生，是我国熊彼特经济思想研究的先行者，曾亲自为熊彼 特的《资本主义、社会主义与民主》（1979年译出）、《经济发展理论》（1990年译出）和《经济分析史》（1991年译出）三本著作中译本倾情作序。正 如他在1990年为《经济发展理论》所作的中译本序言中具有先见之明地指出的，"鉴于熊彼特的两大卷《经济周期》一书篇幅浩繁，一时在我国恐怕还难 以有中译本出现"，35年之后的今天，该书中文全译本才首次在中国面世。在世界各国依然未能摆脱后衰退经济低迷的阴影笼罩，同时人工智能方兴未艾 有可能开启新一轮长波的当下，该书中译本的出版可谓恰逢其时！读者可以通过研读这部经典，回归经济周期的本源。 熊彼特这种将宏观经济学中的经济周期与经济增长结合在一起构想的图景，与主流的截然不同。主流理论通常将经济周期与经济增长分开考察，将经济周 期性波动视作对资本主义内在均衡和稳定"常态"的外部干扰和冲击。而熊彼特恰恰从资本主义经济体系内部具有开拓精神的企业家"创造性破坏"系统现有 均衡反复出现的过程出发，理解和揭示资本主义秩序的动力——没有创新，就没有企业 ...

Core Viewpoint - The article discusses the significance of the 2025 Nobel Prize in Economic Sciences awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their contributions to understanding the mechanisms of innovation-driven economic growth, highlighting the need for tax reform in the context of the digital economy and structural changes in the global economy [4][12]. Group 1: Innovation and Economic Growth - The article emphasizes that the current global economy is undergoing a profound structural transformation, driven by technological advancements in fields such as artificial intelligence and biotechnology, while facing challenges from de-globalization and geopolitical conflicts [4][12]. - The Nobel laureates' research reveals that innovation is not merely an external factor but an intrinsic driver of economic growth, challenging traditional economic paradigms [6][11]. - Mokyr's work highlights the importance of cultural and institutional factors in fostering innovation, suggesting that the Enlightenment period created a conducive environment for knowledge sharing and technological advancement [7][12]. Group 2: Theoretical Contributions - Aghion and Howitt's mathematical modeling of "creative destruction" provides a framework for understanding the dynamic process of innovation and its dual nature of incentivizing investment while potentially leading to over-competition [8][9]. - Their model illustrates the externalities of innovation, arguing that the social value of innovation often exceeds its private value, which justifies government intervention through subsidies and tax policies [9][10]. - The research indicates that innovation can lead to cyclical economic fluctuations, suggesting that while it is a source of growth, it can also result in periods of economic downturn [10][11]. Group 3: Policy Implications - The article stresses the need for a balanced policy approach to address the complexities of sustainable growth, emphasizing that technological progress must be aligned with institutional frameworks to mitigate issues like environmental degradation and social inequality [12][13]. - It warns that the current global economic landscape poses significant risks to innovation-driven growth, necessitating the maintenance of open knowledge networks and competitive market structures to sustain economic dynamism [13].

Core Viewpoint - The 2025 Nobel Prize in Economic Sciences was awarded to three scholars who highlighted the critical role of technological and scientific innovation in driving economic growth, emphasizing the importance of continuous investment in basic research for long-term economic advancement [2][5][3]. Group 1: Nobel Prize Winners and Their Contributions - The prize was shared equally between Joel Mokyr, Philippe Aghion, and Peter Howitt, who revealed how technology and scientific innovation interact with market competition to foster economic growth [5][7]. - Joel Mokyr's research demonstrated the self-reinforcing relationship between scientific breakthroughs and technological applications, which is essential for sustained economic growth [7][11]. - Aghion and Howitt developed a pioneering mathematical model in the 1990s that explains how firms improve production processes and introduce higher-quality products through R&D investments, ultimately replacing established market leaders [8][30]. Group 2: Historical Context and Economic Growth - Historically, economic growth was sporadic, with little change in living standards until the Industrial Revolution in the 18th century, which initiated a self-reinforcing cycle of innovation and economic growth [21][22]. - Over the past two centuries, many countries have maintained an average economic growth rate of about 2%, which, due to compounding effects, results in significant income increases over decades [23][25]. - Joseph Schumpeter's concept of "creative destruction" explains that economic progress is driven by innovation that disrupts existing industries and creates new growth opportunities [26][28]. Group 3: Mechanisms of Innovation and Economic Dynamics - Mokyr identified two types of "useful knowledge" that drive innovation: propositional knowledge (understanding natural laws) and normative knowledge (practical guidelines) [30][29]. - Aghion and Howitt's model illustrates that the continuous replacement of old firms with new ones is a key engine of economic growth, as new companies strive to innovate and outperform established players [34][36]. - The rise of AI is currently instigating another wave of creative destruction, reinforcing the relevance of the Nobel laureates' research [40][41]. Group 4: Implications of Innovation - Innovation leads to the emergence of new winners while potentially sidelining others, raising concerns about job displacement and inequality [41][42]. - A robust policy framework is necessary to manage the effects of innovation and prevent market failures, ensuring that the mechanisms behind creative destruction are maintained [43][44].

Core Insights - The 2025 Nobel Prize in Economic Sciences was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their contributions to the theory of innovation-driven economic growth [1] Group 1: Historical Context - Joseph Schumpeter's concept of "creative destruction" highlights the role of entrepreneurs in disrupting market monopolies through innovation, leading to economic fluctuations and long-term growth [2] - Aghion and Howitt's first paper in 1992 utilized modern economic analysis to construct the "Schumpeterian paradigm," focusing on firm-level data to explore endogenous growth mechanisms [3] Group 2: Research Findings - Aghion and Howitt's model suggests that innovation often occurs through "step-by-step" advancements rather than complete market share replacement, emphasizing the importance of competition in driving innovation [4] - Their research identified a non-linear relationship between market competition and innovation, revealing that increased competition can initially promote innovation but may later suppress it, depending on the technological disparity among firms [4] Group 3: Policy Implications - Aghion's collaboration with Chinese scholars demonstrated that industrial policies aimed at maintaining or promoting competition significantly enhance productivity growth in competitive sectors [5] - The findings underscore the importance of effective market signals and feedback mechanisms in guiding industrial policy, particularly in fostering innovation [5] Group 4: Educational Contributions - Aghion and Howitt have made significant efforts to disseminate their academic ideas, producing textbooks that explore various aspects of endogenous growth theory and its implications for economic cycles and market structures [6] - Their works serve as valuable resources for understanding contemporary economic challenges, including globalization, climate risks, and inequality [6][7]

Core Insights - The Nobel Prize in Economic Sciences 2025 was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their contributions to the understanding of innovation-driven economic growth [2][3] Group 1: Theoretical Contributions - Mokyr's research emphasizes the role of knowledge and institutions in long-term growth, particularly how the transformation of knowledge production and dissemination mechanisms contributed to the Industrial Revolution [5] - Aghion's core contribution is the "Schumpeterian endogenous growth model," which highlights the dual role of monopoly rents and competition in driving innovation and productivity growth [6] - Howitt's work, in collaboration with Aghion, integrates financial frictions and market structures into the endogenous growth framework, exploring the impact of credit constraints and institutional quality on innovation [7] Group 2: Practical Implications - The Nobel Committee's choice reflects the practical significance of their research, particularly in addressing productivity stagnation in developed economies through innovation-driven frameworks [9] - Aghion and Howitt's framework links innovation speed, market dynamics, and human capital directly to long-term productivity, providing actionable policy recommendations for decision-makers [9] - Their research on green innovation emphasizes the importance of price signals and R&D support in transitioning from "dirty" to "clean" technologies, relevant in the context of carbon neutrality goals [9] Group 3: Recommendations for China - The scholars advocate for enhancing competition and innovation incentives in China by lowering entry barriers in key industries and strengthening antitrust enforcement [11] - They suggest a tailored approach to policy adaptation based on proximity to technological frontiers, emphasizing competition and original R&D in leading sectors while focusing on absorption and standardization in lagging sectors [12] - The promotion of green technology transitions through carbon pricing, green credit, and government procurement is recommended to capture first-mover advantages in clean technology [12]

Core Insights - Innovation is often met with resistance and challenges from established interests, embodying the concept of "creative destruction" which leads to economic renewal and growth [2][3][4] Group 1: Aghion's Background and Contributions - Philippe Aghion, born in 1956 in Paris, is influenced by his mother's innovative spirit in the fashion industry, which shaped his approach to economics [3] - Aghion and Peter Howitt developed a mathematical model in 1992 that illustrates how new products lead to the failure of companies selling outdated products, emphasizing the dual nature of innovation as both creative and destructive [3][4] Group 2: Economic Theories and Models - Aghion's work is rooted in Schumpeterian endogenous growth theory, which posits that long-term growth relies on innovation, driven by investments in R&D and skills [4][5] - The theory highlights the conflict between old and new technologies, necessitating government intervention to support transitions and mitigate risks associated with creative destruction [5][6] Group 3: Policy Implications and Global Perspectives - Aghion advocates for open markets and competition as essential drivers of growth, criticizing protectionist policies that hinder innovation [9] - His research extends to developing countries, analyzing paths to economic advancement and the importance of fostering an environment conducive to innovation [10][11] Group 4: Recommendations for China - Aghion emphasizes the need for China to transition from imitation to innovation-led growth, focusing on inclusive and environmentally friendly economic models [11][12] - Key pillars for this transition include fostering competition, enhancing university autonomy, creating a dynamic labor market, and strengthening financial systems to support high-risk investments [12][13]

Core Viewpoint - The article discusses the significance of the Nobel Prize awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their contributions to the understanding of "innovation-driven economic growth," emphasizing the interplay between knowledge, innovation, and the process of creative destruction in sustaining economic growth [6][42]. Group 1: Knowledge and Innovation - Mokyr's research highlights that knowledge is the catalyst for modern economic growth, with technological progress driven by the accumulation and dissemination of knowledge rather than mere economic incentives [14][15]. - The integration of theoretical and practical knowledge in modern society is crucial for initiating industrial revolutions and sustaining growth [15][16]. - The Enlightenment period significantly influenced the cultural attitude towards knowledge, enhancing its accessibility and fostering a culture of scientific inquiry [17][19]. Group 2: Creative Destruction - Aghion and Howitt's theory of "creative destruction" posits that economic growth is driven by the replacement of old technologies with new ones through research and development (R&D) investments [30][31]. - Their model addresses the shortcomings of the Solow model by incorporating the technology update process, emphasizing the dual effects of technological change on economic growth and the welfare of society [32]. - The balance between competition and innovation is complex, with competition acting as a double-edged sword that can either stimulate or hinder innovation depending on the market context [35][36]. Group 3: Policy Implications - The article suggests that effective industrial policies should focus on creating a competitive environment that encourages innovation across all firms, rather than solely rewarding the most successful ones [37]. - In the context of carbon neutrality, the discussion emphasizes the need for a holistic approach to energy transition that considers long-term efficiency and the potential pitfalls of gradual reforms [39][40].

Core Insights - The 2025 Nobel Prize in Economic Sciences was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their research on "innovation-driven economic growth" [1] - Mokyr received half of the prize for clarifying the necessary conditions for technological progress to drive sustained growth, while Aghion and Howitt shared the other half for their theory on sustained growth driven by the process of "creative destruction" [1] Group 1: Joel Mokyr's Contributions - Mokyr emphasizes that knowledge is the spark for modern growth, arguing that technological progress is driven by the accumulation and dissemination of knowledge rather than mere economic incentives [7][8] - He categorizes knowledge into "epistemic knowledge" (theoretical understanding) and "techne" (practical skills), asserting that the fusion of these two types of knowledge is crucial for initiating the Industrial Revolution and modern growth [8][9] - Mokyr's research highlights the importance of political and cultural conditions in Europe that facilitated the creation, accumulation, and dissemination of useful knowledge, which was essential for modern economic growth [9][10] Group 2: Aghion and Howitt's Contributions - Aghion and Howitt's work is rooted in the concept of "creative destruction," which posits that economic growth is driven by the replacement of old technologies with new ones through research and development (R&D) [22][24] - Their model builds on Joseph Schumpeter's idea of "creative destruction," formalizing the process by which technological advancements lead to both increased economic potential and the obsolescence of existing technologies [23][24] - Aghion argues that competition has a dual effect on innovation, where moderate competition can stimulate innovation, but excessive competition may hinder it, leading to a nuanced understanding of how market dynamics influence growth [27][28] Group 3: Broader Implications - The research of Mokyr, Aghion, and Howitt collectively underscores that economic growth is not merely a function of increased wealth or output, but rather a reflection of a society's ability to accumulate knowledge, foster innovation, and rebuild after destruction [33] - Their findings are particularly relevant in the context of current global challenges, such as the rise of populism and protectionism, which threaten the mechanisms that support creative destruction and, consequently, economic growth [34]

Core Insights - The Nobel Prize in Economic Sciences was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their contributions to understanding innovation-driven economic growth [2][3] Group 1: Theoretical Contributions - Mokyr's research emphasizes the role of knowledge and institutions in long-term growth, particularly in the context of the Industrial Revolution, highlighting the importance of practical knowledge accumulation and dissemination [4][5] - Aghion's core contribution is the "Schumpeterian endogenous growth model," which posits that creative destruction drives productivity growth through quality-enhancing innovations, establishing a relationship between competition and innovation [6][7] - Howitt, in collaboration with Aghion, integrates financial frictions and market structures into the endogenous growth framework, exploring the impact of credit constraints and institutional quality on innovation [7][8] Group 2: Policy Implications - The scholars advocate for a combination of innovation policies that balance incentives and knowledge diffusion, including moderate competition, reasonable patent durations, and R&D tax incentives [9][10] - They emphasize the need for tailored industrial and green policies that consider the specific conditions of advanced and catching-up economies, suggesting differentiated tools for different economic contexts [10][11] - The research highlights the importance of inclusive growth strategies to address income inequality resulting from innovation-driven growth, advocating for education, social security, and retraining programs [11][12] Group 3: Relevance to China - The scholars have engaged with Chinese academic institutions, providing insights on enhancing competition and innovation incentives, and suggesting a "frontier-catcher" policy approach [19][20] - They recommend directionality in technological change and green transformation through carbon pricing and emission standards, particularly in sectors like renewable energy and electric vehicles [21][22] - The emphasis on building a robust knowledge ecosystem and open scientific culture is crucial for China's innovation landscape, advocating for the establishment of engineering communities and industry associations [22]

Core Insights - The 2025 Nobel Prize in Economic Sciences was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their work on "innovation-driven economic growth" [4][6] - Their research provides a theoretical framework for understanding how technological innovation drives long-term economic growth, which is significant for policymakers and investors assessing the economic impact of technology investments and innovation policies [4][6] Group 1: Award Details - The total prize money for the 2025 Nobel Prize in Economic Sciences is 11 million Swedish Krona, with half awarded to Joel Mokyr and the other half shared between Philippe Aghion and Peter Howitt [6] - Joel Mokyr's research emphasizes the importance of understanding not just the effectiveness of a technology but also the reasons behind its effectiveness, highlighting the need for an open society that embraces new ideas [6][8] Group 2: Theoretical Contributions - Aghion and Howitt developed a mathematical model of "creative destruction," illustrating how new products can lead to the failure of companies selling outdated products, thus emphasizing the dual nature of innovation as both creative and destructive [7][8] - Their endogenous growth model, based on the concept of creative destruction, suggests that quality-enhancing innovations can drive productivity growth by replacing old technologies with new ones [7][8] Group 3: Implications for Economic Growth - The concept of creative destruction must be managed constructively to prevent established companies and interest groups from hindering innovation [8] - The endogenous growth theory is particularly relevant in the context of China's economic transformation, emphasizing the need for an optimized business environment and mechanisms that encourage entrepreneurial spirit [8][9]