Joel Mokyr, Philippe Aghion and Peter Howitt won the 2025 Nobel economics prize on Monday for their work on how innovation and the forces of "creative destruction" can drive economic growth and lift living standards across the globe.
Their research explains how technology gives rise to new products and production methods which replace old ones, resulting in a better standard of living, health and quality of life.
The Royal Swedish Academy of Sciences, which awards the prize, said the laureates had also shown that such progress cannot be taken for granted.
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