Core Insights - Joel Mokyr, the 2025 Nobel Prize winner in Economic Sciences, was recognized for his contributions to the theory of "innovation-driven economic growth" [2] - Mokyr emphasizes the importance of "useful knowledge," which suggests that societal progress stems not only from knowing how to do something but also from understanding why it can be done [2] Group 1 - The interview with Mokyr was a result of a long wait and effort, initiated after the announcement of his Nobel Prize on October 13 [2] - Despite a tight schedule and health concerns, Mokyr agreed to the interview during his visit to Beijing for an academic conference [3] - The interview took place in a car, which served as a temporary interview room, highlighting the challenges of scheduling with a busy academic [4] Group 2 - Mokyr discussed the significance of economic history, stating that it reminds us of the substantial progress humanity has made, marking the current era as the best in history by any standard [4] - He pointed out that China's long-term investments in education and infrastructure are expected to yield significant returns [4] - The experience of conducting the interview under time constraints illustrated the beauty of journalism, showcasing the power of ideas to transcend time and illuminate the future [5]

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].