Core Insights - The 2025 Nobel Prize in Economic Sciences was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their contributions to understanding how technological change drives sustained economic growth [1] Group 1: Contributions of Joel Mokyr - Mokyr's work focuses on the origins and evolution of modern economic growth through systematic research of economic history [1] - He emphasizes the role of knowledge in economic growth, arguing that modern growth is significantly more dependent on knowledge compared to pre-modern economies [6][12] - Mokyr attributes the rise of knowledge's importance to the Enlightenment, which reshaped knowledge systems and encouraged scientific inquiry [7][8] Group 2: Contributions of Philippe Aghion - Aghion's research centers on innovation economics, particularly the concept of "creative destruction," which explains how technological progress disrupts old structures to foster economic growth [15][16] - He, along with Peter Howitt, developed a model that incorporates the randomness of technological research and its interaction with economic cycles [17] - Aghion also investigates the microeconomic mechanisms and institutional factors behind innovation, such as ownership structures and financing environments [18]

Group 1 - The 2025 Nobel Prize in Economic Sciences was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their contributions to understanding how technological change drives sustained economic growth [5] - Mokyr's work focuses on the historical origins and evolution of modern economic growth through systematic research of economic history [5][4] - Aghion and Howitt developed the "creative destruction" mechanism, explaining how technological innovation drives long-term growth in dynamic competition [5][4] Group 2 - Mokyr's research emphasizes the role of knowledge in economic growth, arguing that modern growth is significantly more dependent on knowledge compared to pre-modern economies [10][11] - The Enlightenment period is identified as a key factor in the rise of knowledge's importance in economic growth, reshaping knowledge systems and promoting scientific inquiry [10][11] - Mokyr's "Enlightenment Index" shows that regions like England and the Netherlands had higher knowledge dissemination compared to France, correlating with their economic development [12] Group 3 - Aghion, a prominent figure in innovation economics, integrates the concept of "creative destruction" into modern economic theory, highlighting both the benefits and potential downsides of innovation [15][16] - Aghion and Howitt's theory addresses the randomness of technological research and its interaction with economic cycles, providing insights into the conflicts arising from technological transitions [17] - Aghion has engaged with the Chinese academic community since the 1990s, contributing to discussions on economic reform and receiving accolades such as the Sun Yefang Economic Science Award [18]

Core Insights - The 2025 Nobel Prize in Economic Sciences was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their contributions to understanding how technological change drives sustained economic growth [1] Group 1: Contributions of Joel Mokyr - Mokyr's research focuses on the origins and evolution of modern economic growth through systematic studies of economic history [1] - He emphasizes the role of knowledge in economic growth, arguing that modern growth is significantly more dependent on knowledge compared to pre-modern economies [5][6] - Mokyr attributes the rise of knowledge's importance in economic growth to the Enlightenment, which reshaped knowledge systems and encouraged scientific inquiry [6][7] Group 2: Contributions of Philippe Aghion and Peter Howitt - Aghion and Howitt introduced the concept of "creative destruction," explaining how technological progress disrupts old structures to promote economic growth [11][12] - Their work on endogenous growth theory highlights the dual effects of technological change: enhancing long-term growth potential while also causing disruptions to existing enterprises [12][13] - Aghion's research also delves into the micro-mechanisms and institutional factors behind innovation, including the impact of ownership structures and financing environments [13]