Sometimes you have to break something in order to fix it.
The Royal Swedish Academy of Sciences on Monday awarded the 2025 Nobel Memorial Prize in Economic Sciences to Joel Mokyr of Northwestern University, Philippe Aghion of the Collège de France and the London School of Economics, and Peter Howitt of Brown University for groundbreaking research that redefines how innovation and creative destruction drives prosperity—and challenges decades of political orthodoxy on growth, trade, and regulation.
The laureates’ work explains why some societies sustain economic progress while others fall into stagnation. Their findings suggest that political fragmentation and regulatory diversity may be essential for innovation, while some forms of global trade can undermine welfare rather than enhance it, a sharp departure from the economic dogma that prevailed prior to their work.
For most of human hi
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