Group 1 - 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][3][4] - The prize money amounts to 11 million Swedish Krona, with half awarded to Mokyr and the other half shared by Aghion and Howitt [2][3] Group 2 - Joel Mokyr is recognized for identifying the conditions necessary for sustained growth through technological advancement, emphasizing the mutual reinforcement between scientific breakthroughs and practical applications [3][10] - Mokyr's research highlights that the modern economic growth initiated post-Industrial Revolution was not due to a single technological breakthrough but rather a paradigm shift in human inquiry [10][39] - Aghion and Howitt are acknowledged for their theory of "creative destruction," which explains that economic growth is achieved through innovation that displaces outdated products and practices [4][45] Group 3 - Mokyr's work indicates that the continuous flow of "useful knowledge" is essential for sustained economic growth, contrasting the pre-Industrial Revolution reliance on normative knowledge [28][30] - Aghion and Howitt's model illustrates that "creative destruction" is the core driver of sustained growth, where new enterprises and jobs replace outdated ones, fostering a competitive environment [35][36] - Their research suggests that both high and low market concentration can hinder innovation, indicating the need for policies to manage market dynamics effectively [37][48] Group 4 - Mokyr emphasizes the importance of societal acceptance of change, as technological advancements can create both winners and losers, necessitating support for those affected [31][38] - The collaboration between Aghion and Howitt has led to significant advancements in understanding the relationship between innovation, competition, and economic growth [22][45] - Their work has implications for various fields, including education policy and financial structures, highlighting the role of government in facilitating innovation while managing its social costs [47][48]

Core Points - 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 [3] - The prize money amounts to 11 million Swedish Krona, with half awarded to Mokyr for identifying the prerequisites for sustained growth through technological advancement [3] - Aghion and Howitt jointly received the other half for their theory of sustained growth through "creative destruction," which explains how innovation leads to the obsolescence of old products [3] Group 1: Joel Mokyr - Joel Mokyr, born in Leiden, Netherlands, is recognized for his work combining micro-historical data with macro-narratives to explain the onset of modern economic growth post-Industrial Revolution [4][6] - Mokyr argues that the key to sustained growth lies in the systematic questioning of "why" rather than just "how," marking a paradigm shift in human thought [4][22] - His influential book, "A Culture of Growth: The Origins of the Modern Economy," emphasizes the importance of the accumulation of useful knowledge and the interaction of culture, institutions, and cognitive structures [25][26] Group 2: Philippe Aghion - Philippe Aghion, born in Paris, comes from a prominent family and has a strong background in mathematics, which led him to a career in economic research [10][11] - Aghion has been influential in shaping policies that encourage innovation and has argued against the notion that AI will lead to mass unemployment, citing historical trends of job creation following technological revolutions [11][20] - His collaboration with Howitt on the "creative destruction" model has significantly impacted the understanding of economic growth dynamics [13][26] Group 3: Peter Howitt - Peter Howitt, a Canadian economist, is known for his meticulous approach to economic theory and has contributed to the development of macroeconomic models linking micro-innovative activities to macroeconomic growth [12][13] - His partnership with Aghion has led to the formalization of the "creative destruction" concept within economic models, providing a quantitative framework for understanding innovation's role in growth [20][26] - Howitt's work has been recognized in academic circles, and he has been identified as a strong candidate for the Nobel Prize prior to this award [13][20] Group 4: Theoretical Contributions - Mokyr's research highlights that the continuous flow of "useful knowledge" is essential for sustained economic growth, contrasting with the pre-Industrial Revolution reliance on normative knowledge [15][17] - Aghion and Howitt's model illustrates that "creative destruction" is a core driver of economic growth, where new enterprises and jobs replace outdated ones, fostering a dynamic economic environment [20][21] - Their findings suggest that market concentration levels can significantly affect innovation processes, indicating the need for policies to manage monopolistic tendencies in order to sustain growth [21][26]