Free Republic

This year rewards theorists of creative destruction. The 2025 Nobel Prize in Economics honors three economists whose work embodies an idea first coined by Joseph Schumpeter: creative destruction. Joel Mokyr, Philippe Aghion, and Peter Howitt have each advanced our understanding of how technological progress drives human prosperity. As Schumpeter described, every technological advance has two faces. It destroys by rendering old methods obsolete, yet it creates by flooding the market with new goods and more efficient ways of meeting human needs.The Nobel Committee’s focus on creative destruction feels particularly relevant today, in an era dominated by fears over artificial intelligence....