Core Insights - The 2025 Nobel Prize in Economic Sciences was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their research on the role of technological change in sustained economic growth [1] Group 1: Joel Mokyr's Contributions - Mokyr emphasizes the strong dependence of modern economic growth on knowledge, arguing that the West prioritized knowledge earlier, fostering a culture and institutions that support knowledge creation and dissemination [3] - His research focuses on the "Great Divergence," analyzing why the West experienced modern growth while the East stagnated, with a cultural perspective [2] Group 2: Aghion and Howitt's Contributions - Aghion and Howitt's significant theoretical contribution is their study of the "creative destruction" concept, which explains how technological progress occurs through the replacement of old technologies with new ones [5][6] - Their theory is a crucial part of endogenous growth theory, addressing the dynamics of economic growth and the randomness involved in successful research and development [5] Group 3: Implications of Their Theories - The "creative destruction" mechanism illustrates that while new technologies enhance long-term growth potential, the destruction of old technologies can negatively impact firms and interest groups associated with them [6] - Their theories provide insights into economic cycles and the challenges posed by monopolistic companies that may suppress new technologies [6] Group 4: Conclusion on Economic Growth - The awarding of the Nobel Prize to researchers focused on growth issues reflects a return to the core concerns of economics, highlighting the ongoing challenges in economic development and the potential insights from these theories [7]